SEBI Prescribes Procedure for Waiver/Reduction of Interest in Recovery Proceedings Due to Non-Payment of Penalties
- Blog|News|Company Law|
- < 1 minute
- By Chetan Kulasri
- |
- Last Updated on 15 January, 2025
Latest from Taxmann
Circular No. SEBI/HO/RRD_PoD_TPD/P/CIR/2025/05, Dated: 10.01.2025
SEBI has notified the procedure for seeking a waiver or reduction of interest in recovery proceedings for non-payment of penalties. Powers to waive or reduce interest are delegated to specific panels based on the amount. Applications must meet conditions u/s 220(2A) of the Income-Tax Act, including proving hardship, uncontrollable circumstances, and cooperation. Further, the order on an application must be passed within 12 months from the month of receiving the complete application.
Also, no order rejecting the application, either in full or part, must be passed unless the applicant has been given an opportunity of being heard. The circular shall be applicable with immediate effect.
Click Here To Read The Full Circular
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
CA | CS | CMA
