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Date: 08/11/2024

CBDT permits tax officers to waive interest

The Central Board of Direct Taxes (CBDT) has permitted tax officers to waive or reduce the interest payable on tax payments by assessees, subject to specific conditions, according to a circular dated November 4, 2024. According to the circular, the Principal Chief Commissioner of Income Tax (PrCCIT) can decide on reducing or waiving interest due of over Rs 1.5 crore. For interest due above Rs 50 lakh and below Rs 1.5 crore, Chief Commissioner of Income Tax (CCIT) rank officers will decide on the waiver/reduction, while Principal Commissioner of Income Tax (PrCIT) or Income Tax Commissioners can decide on interest due up to Rs 50 lakh. As per the circular, the reduction/waiver of interest payable would be subject to the satisfaction of three specified conditions, said a report.
 
source: Exim News Service: New Delhi, Nov. 7



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