Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
The CBDT issued Circular No. 8/2025 clarifying the application of its earlier Circular No. 5/2025 regarding waiver of interest under sections 201(1A)(ii) and 206C(7) of the Income-tax Act, 1961. The clarification establishes that prescribed authorities (CCIT/DGIT/Pr. CCIT) are empowered to pass waiver orders only after the circular's issuance date. However, waiver applications may be entertained for interest charged even before the circular's issuance, provided applications are filed within one year from the end of the relevant financial year. The circular addresses field authorities' representations seeking temporal scope clarification for waiver eligibility and procedural implementation.
The CBDT issued Circular No. 8/2025 clarifying the application of its earlier Circular No. 5/2025 regarding waiver of interest under sections 201(1A)(ii) and 206C(7) of the Income-tax Act, 1961. The clarification establishes that prescribed authorities (CCIT/DGIT/Pr. CCIT) are empowered to pass waiver orders only after the circular's issuance date. However, waiver applications may be entertained for interest charged even before the circular's issuance, provided applications are filed within one year from the end of the relevant financial year. The circular addresses field authorities' representations seeking temporal scope clarification for waiver eligibility and procedural implementation.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
