Order under section 119 of the Income-tax Act, 1961 for waiver on levy of interest under section 201(1A)(ii)/206C(7) of the Act, as the case maybe, in specific cases

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..... ject: Order under section 119 of the Income-tax Act, 1961 for waiver on levy of interest under section 201(1A)(ii)/206C(7) of the Act, as the case maybe, in specific cases -regarding. Section 201(1A) of the Income-tax Act (hereinafter "the Act") provides for levy of interest on account of failure to deduct or pay the deducted tax to the credit of the Central Government by the deductor. Further, s .....

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..... uch taxpayers for levy of interest under section 201(1A)(ii)/ 206C(7) of the Act, as the case maybe. 3. In exercise of the powers under section 119 of the Act, the Board, hereby directs that the Chief Commissioner of Income-tax (CCIT) or Director General of Income-tax (DGIT) [or in case there is no CCIT and DGIT, then Principal Chief Commissioner of Income-tax (PrCCIT)] may reduce or waive intere .....

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..... y the taxpayer, the same can be considered for waiver and a refund maybe given to the deductor, if waiver is ordered. 6. No waiver application shall be entertained beyond one year from the end of the financial year for which the interest under section 201(1A)(ii)/ 206C(7) of the Act is charged. 7. An application received for waiver of interest under section 201(1A)(ii)/ 206C(7) of the Act shall .....

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