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May 2025

Regulatory Referencer

By Rutvik Sanghvi | Sonalee Godbole, Chartered Accountants
Reading Time 7 mins

DIRECT TAX : SPOTLIGHT

1. Order under section 119 of the Income-tax Act, 1961 for waiver regarding levy of interest under section 201(1A)(ii)/ 206C(7) of the Act, in specific cases - Circular No. 5/2025 dated 28th March, 2025

While making payments of TDS and TCS to the credit of the Central Government as per section 200 and 206C of the Act, the taxpayers have encountered technical glitches. Due to such glitches, the amount is credited to the Central Government after the due date. The CCIT, DGIP or PrCCIT may reduce or waive interest charged under section 201(1A)(ii) / 206C(7) of the Act in the class of cases where-

1) the payment is initiated by the taxpayers / deductors /collectors and the amounts are debited from their bank accounts on or before the due date, and

2) the tax could not be credited to the Central Government, before due date because of technical problems, beyond the control of the taxpayer / deductor / collector.

2. Income-tax (Sixth Amendment) Rules - Notification No. 21/2025 dated 25th March, 2025

a) Amendment to Rule 10TD(3B) – Safe Harbour Rules to apply to Assessment year 2026-27

b) Amendment to Rule 10TE(2) - specific safe harbou

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