circular no. 15/2024 order under section 119 1 of the it act 1961 fixing the monetary limits of the income tax authorities in respect of reduction or waiver of interest paid or payable under section 220 2 of the it act

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- F.No.400/08/2024-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ******** Circular No . .. ~? ... /2024 New Delhi, 4th November, 2024 Subject: Order under section 119(1) of the Income-tax Act, 1961 fixing monetary limits of the orities in respect of reduction or waiver of interest paid or payable under section ome-tax Act- reg. income-tax auth 220(2) of the Inc Section 2 of income tax by 20(2) of the Income-tax Act ('the Act') deals with the consequences of non-payment a taxpayer. As per Section 220(2) of the Act, if a taxpayer fails to pay the amount otice of demand under section 156 of the Act, she shall be liable to pay simple interest per month or part of the month for the period of delay in making the payment. Further, of the Act empowers the Principal Chief Commissioner (Pr.CCIT) or Chief CCIT) or Principal Commissioner (Pr.CIT) or Commissioner (CIT) for reduction or ount paid or payable under section 220(2) of the Act in the circumstances specified specified in any n at the rate of 1 % section 220(2A) Commissioner ( waiver of the am therein. 2. In accord 220(2A) of the A ance with the powers vested with the income-tax authorities specified in section ct in respect of reduction or waiver of the interest paid or payable under section 220(2) ntral Board of Direct Taxes, for the proper administration of the Act, hereby specifies netary limits as under: of the Act, the Ce the following mo S.No In come-tax Authori 1. Pr. CITI CIT 2. C CIT/DGIT Above Rs. 50 lacs to Rs. 1.5 crore 3. Pr. CCIT Above Rs. 1.5 crore 3. The powe Act in respect 0 rs of reduction or waiver of the interest paid or payable under section 220(2) of the f any income-tax authority shall continue to be subject to satisfaction of all the ons specified under section 220(2A) of the Act- following conditi (i) payme nt of such amount has caused or would cause genuine hardship to the assessee; (ii) defaul t in the payment of the amount on which interest has been paid or was payable under ub-section was due to circumstances beyond the control of the assessee; and the said s (iii) the a ssessee has co-operated in any inquiry relating to the assessment or any proceeding overy of any amount due from him. for the rec 4. The above shall come into effect from the date of issue of this Circular. Hindi version shall follow. Copy to:- 1. The Chairman & Members, CBDT 2. All Pr.CCsIT, CCsITI DGsIT. 3. All Joint Secretaries/CsIT, CBDT. ~y (Rubal Singh) Deputy Secretary (IT-Budget), CBDT, New Delhi 4. Commissioner ofIncome-tax (Media & TP) and official Spokesperson, CBDT, New Delhi. 5. ADG (PR,P&P) for necessary action. 6. JCIT, Database Cell, with a request to upload the order on the website www.irsofficersonline.gov.in. 7. Web Manager, 010 DGIT(Systems) with request to upload on the departmental website of www.incometaxindia.gov.in. 8. The Institute of Chartered Accountants of India, IP Estate, New Delhi 9. All Chambers of Commerce. 10. 11. Hindi Cell for translation. The Guard File. ~t.m~) Deputy Secretary (IT-Budget), CBDT, New Delhi