CBDT Authorizes Waiver of Interest on Delayed TDS/TCS Payments Due to Technical Glitches Under Section 119

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....CBDT has issued an order under section 119 of the Income-tax Act, 1961, authorizing CCIT, DGIT, or PrCCIT to waive interest charged under section 201(1A)(ii)/206C(7) in cases where taxpayers initiated TDS/TCS payments and amounts were debited from their accounts before the due date, but credited to the government after the due date due to technical glitches beyond taxpayer control. Applications for waiver must be submitted within one year from the end of the financial year for which interest is charged and will be decided within six months. The order is final with no further appeals permitted to the Board. The directive is effective March 28, 2025.....