Quick Summary
INTRODUCTION Section 128A, as proposed by the Finance Act, 2024 (No. 2), dated 16.08.2024, through Section 146, was notified via Notification No. 17/2024 - Central Tax, dated 27.09.2024, and will be applicable from 01.11.2024. Section 128A provides a unique opportunity for taxpayers to settle t
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FAQ :
Section 128A, effective from 01.11.2024, allows eligible taxpayers to settle tax liabilities for the period of July 1, 2017, to March 31, 2020, without paying interest and penalties, provided they pay the full tax amount by the specified due date.
The relief provided under Section 128A covers tax liabilities for the period from July 1, 2017, to March 31, 2020, which includes the financial years 2017-18, 2018-19, and 2019-20.
Taxpayers who have received tax notices or orders under Section 73 (non-fraud cases) or related to appeals under Sections 107 or 108 for the period July 1, 2017, to March 31, 2020, are eligible if they meet the payment conditions.
The general payment due date to avail the waiver of interest and penalties under Section 128A is March 31, 2025.
Yes, if you are eligible and pay the full tax amount as per the notice or order by the notified due date, you will be exempt from paying any interest or penalties.
No, if you have already paid interest and penalties before this scheme was introduced, you are not eligible for a refund.
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