CBDT sets New Monetary Limits for Waiving or Reducing Interest on Pending Dues u/s 220(2) of Income Tax [Read Notification]

Through this notification, the CBDT has issued new guidelines allowing for interest waivers on overdue tax payments with new limits and conditions for taxpayer relief

By Kavi Priya - On November 6, 2024 11:11 am - 2 mins read

Income Tax - CBDT - Central Board of Direct Taxes - Monetary Limits - TAXSCAN

The Central Board of Direct Taxes ( CBDT ) has issued Circular No. 15/2024, dated November 4, 2024, outlining updated guidelines that establish specific monetary thresholds and eligibility criteria for tax authorities to waive or reduce interest on overdue tax payments, as governed by Section 220(2) of the Income Tax Act, 1961. The notification takes…

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