Monetary limits on waiving interest for late tax payment: Up to 50L by Commissioner, 50L-1.5Cr by Chief Commissioner, above 1.5Cr by Pr. Chief Commissioner.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....This order u/s 119(1) of the Income-tax Act, 1961 specifies the monetary limits for income-tax authorities to exercise their powers of reduction or waiver of interest payable u/s 220(2) for non-payment of income tax demand. Principal Commissioner/Commissioner can reduce/waive interest up to Rs. 50 lacs, Chief Commissioner/Director General between Rs. 50 lacs to Rs. 1.5 crore, and Principal Chief Commissioner above Rs. 1.5 crore. The reduction/waiver is subject to conditions of genuine hardship, circumstances beyond assessee's control, and assessee's cooperation in proceedings. The order aims to facilitate proper administration of the Act.....