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

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....ect Taxes New Delhi, 4th November, 2024 Subject: 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- reg. Section 220(2) of the Income-tax Act ('the Act') deals with the consequences of non-payment of income tax by a taxpayer. ....

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....oard of Direct Taxes, for the proper administration of the Act, hereby specifies the following monetary limits as under: S.NO Income-tax Authority Monetary Limits for reduction or waiver of interest 1. Pr.ClT/ CIT Upto Rs.50 lacs 2. CCIT/ DGIT Above Rs. 50 Iacs to Rs. 1.5 crore 3. Pr.CCIT Above Rs. 1.5 crore 3. The powers of reduction or waiver of the interest paid or payab....