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of <h1>Board Approval Needed for Penalty Waivers Exceeding Rs. 100K or Related Income Over Rs. 500K u/s 273A(1.</h1> The circular outlines the conditions under which the Board's prior approval is necessary for waiving or reducing penalties under section 273A(1) of the Income-tax Act. Specifically, if the penalty amount exceeds 100,000 rupees or the income related to the penalty exceeds 500,000 rupees, approval from the Board is required before the Chief Commissioner or Commissioner can waive or reduce such penalties. The circular emphasizes that meeting any of these conditions necessitates Board approval for penalty adjustments under sections 271 and 273. These instructions should be communicated to the relevant Income-tax Commissioners.
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