Monetary Limits for Reduction or Waiver of Interest under Section 220(2) of the Income Tax Act: CBDT Circular 15/2024

waiver of interest

Under Section 220(2A), certain income tax authorities have the power for reduction or waiver of interest, upon satisfaction of certain condition. Reduction or Waiver of Interest: The Central Board of Direct Taxes (CBDT) has recently issued Circular No. 15/2024 on …

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CBDT Notification 5/2024 Specifying Forms for Rollback of ADA & Claiming Deductions for Qualified Agricultural Extension Projects

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CBDT Specified Forms Prescribed in Appendix II of IT Rules 1962, to be Furnished Electronically under Sub-rule (1) & (2) of Income Tax Rules 1962. The Central Board of Direct Taxes (CBDT) has issued Notification No. 5/2024, which mandates the …

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Delhi High Court Mandates Proper Reasoning in Rejection of Condonation Application u/s. 119(2)(b) of Income Tax

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The court emphasized that Section 119(2)(b) is a beneficial provision, intended to allow for exceptions and refunds in cases of genuine hardship. Decisions made under this provision must include proper justification, aligning with both procedural fairness and the legislative intent …

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New GST Rule for Airlines to Share Passenger Data Twice: 1st within 24 Hours of Departure & Again at Wheels-off Time

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Previously, airlines had the flexibility to submit this information either 24 hours before departure or at wheels-off time. The Central Board of Indirect Taxes and Customs (CBIC) has recently updated regulations for passenger data submission by airlines, enforcing stricter compliance …

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