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of <h1>CBDT Permits Interest Waiver or Reduction u/ss 234A, 234B, 234C via Section 119(2)(a) of Income-tax Act 1961.</h1> The Central Board of Direct Taxes (CBDT) has issued an order under section 119(2)(a) of the Income-tax Act, 1961, allowing the Chief Commissioner and Director-General of Income-tax to reduce or waive interest charged under sections 234A, 234B, and 234C. This applies to specific cases, such as delays due to search and seizure actions, unexpected income receipt, changes in tax law or court decisions, and unavoidable circumstances preventing timely tax return filing. The order supersedes previous directives from 1996 and 1997, allowing reconsideration of previously rejected petitions. Conditions may be imposed for interest reduction or waiver.
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