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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Tax Interest Waiver Possible for Voluntary Filers; Rule 40(5) Encourages Liberal Waivers for Timely Disclosures by March 31, 1986.</h1> The circular addresses the reduction or waiver of interest under the Income-tax Act following the rationalization of tax rates by the Finance Act, 1985. It references several circulars encouraging taxpayers to voluntarily file accurate returns and pay taxes by March 31, 1986. Returns filed under these instructions might attract interest under Sections 139(8), 215, or 217. Rule 40(5) allows for the reduction or waiver of interest if justified, and such provisions should be applied liberally. The disclosure of additional income and tax payment by the deadline is considered sufficient cause for waiving interest. Officers are instructed to be informed of these guidelines.
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