Query regarding waiver off interest u/s 234b
This query is : Resolved
Jaswinder singh
(Querist)
21 April 2019
Sir/madam,
if assessee filed a appeal to CIT (appeals) against the order of A.O on excess calculation of tax and interest thereon So, there is any option to request to CIT to waive off at least interest u/s 234B for late deposit of advance tax?
because assessee is ready to deposit the tax amount but interest thereon is equal to 90% of A.Y 11-12 and also assessee is near 80 years of age...
if assessee filed a appeal to CIT (appeals) against the order of A.O on excess calculation of tax and interest thereon So, there is any option to request to CIT to waive off at least interest u/s 234B for late deposit of advance tax?
because assessee is ready to deposit the tax amount but interest thereon is equal to 90% of A.Y 11-12 and also assessee is near 80 years of age...
22 April 2019
Generally , interest can't be waived. But under the following circumstances , the
Chief Commissioner/ Dir. General can waive / reduce the interest.
+ books etc seized u/s 132.
+ cash seized u/s 132.
+ income was Capital gains and accred/ received after the advance tax payment
dates.
+ income was not chargeable to tax but subsequently amended/ decision of
supreme court made liable to tax with retrospective effect.
+ unavoidable reasons and return filed voluntarily with out detection by AO.
For details of the above conditions ,please refer CBDT order F. No. 400/234/95-
IT(B) dated 23-05-1996 reported in 225 ITR (St) 101.
Chief Commissioner/ Dir. General can waive / reduce the interest.
+ books etc seized u/s 132.
+ cash seized u/s 132.
+ income was Capital gains and accred/ received after the advance tax payment
dates.
+ income was not chargeable to tax but subsequently amended/ decision of
supreme court made liable to tax with retrospective effect.
+ unavoidable reasons and return filed voluntarily with out detection by AO.
For details of the above conditions ,please refer CBDT order F. No. 400/234/95-
IT(B) dated 23-05-1996 reported in 225 ITR (St) 101.
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