Order under section 119(1) of the Income-tax Act, 1961 fixing monetary limits of the income-tax authorities in respect of reduction or waiver of interest paid or payable under section 220(2) of the Income-tax Act

Order under section 119(1) of the Income-tax Act, 1961 fixing monetary limits of the income-tax authorities in respect of reduction or waiver of interest paid or payable under section 220(2) of the Income-tax Act https://www.taxtmi.com/circulars?id=67890 The Board fixes tiered monetary thresholds allocating competence to specified income tax authorities to grant reduction or waiver of interest payable under the tax default provision: the lowest tier to Pr.CIT/CIT, intermediate to CCIT/DGIT, and highest to Pr.CCIT. Any exercise of these powers is conditional on genuine hardship to the taxpayer, default due to circumstances beyond the taxpayer's control, and the taxpayer's cooperation in relevant inquiries or recovery proceedings. en-us Mon, 04 Nov 2024 00:00:00 +0530 Tue, 05 Nov 2024 10:02:00 +0530 TaxTMI RSS Generator Order under section 119(1) of the Income-tax Act, 1961 fixing monetary limits of the income-tax authorities in respect of reduction or waiver of interest paid or payable under section 220(2) of the Income-tax Act https://www.taxtmi.com/circulars?id=67890 The Board fixes tiered monetary thresholds allocating competence to specified income tax authorities to grant reduction or waiver of interest payable under the tax default provision: the lowest tier to Pr.CIT/CIT, intermediate to CCIT/DGIT, and highest to Pr.CCIT. Any exercise of these powers is conditional on genuine hardship to the taxpayer, default due to circumstances beyond the taxpayer's control, and the taxpayer's cooperation in relevant inquiries or recovery proceedings. Circulars Income Tax Mon, 04 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/circulars?id=67890