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of <h1>CBDT Updates Interest Waiver Process: ITOs to Refer Cases to I.A.C.s for Amounts Over Rs. 1,000.</h1> The Central Board of Direct Taxes (CBDT) issued Instruction No. 1227 on December 27, 1978, regarding amendments to Instruction No. 1101 related to the reduction or waiver of interest under the Income Tax Act, 1961. The amendment specifies that Income Tax Officers (ITOs) should refer cases to Inspecting Assistant Commissioners (I.A.C.s) only when the interest amount to be reduced or waived exceeds Rs. 1,000, instead of the previous threshold where the interest chargeable exceeded Rs. 1,000. This change is intended to align with the Board's underlying intentions and streamline the referral process.
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