Now, I-T officers can waive, reduce your interest dues

The Income Tax Department has allowed tax officials to either waive or reduce interest payable by a taxpayer, subject to specified conditions.

Under Section 220 (2A) of the Income Tax Act, if a taxpayer fails to pay the tax amount specified in any demand notice, he/she is liable to pay interest at 1 per cent per month for the period of delay in making the payment.

The Act also empowers the department’s Principal Chief Commissioner (PrCCIT) or Chief Commissioner (CCIT) or Principal Commissioner (PrCIT) or Commissioner-rank officers to reduce or waive the amount interest due to be paid.