PRCIT rank officer can decide to reduce or waive the outstanding interest above Rs 1.5 crore. For outstanding interest from Rs 50 lakh to Rs 1.5 crore, the CCIT rank officer will decide the waiver/reduction.
Income Tax Department has approved the tax officers to waive or reduce the interest payable by taxpayers subject to specified conditions. According to this, an officer of the rank of PRCIT can decide to reduce or waive the outstanding interest of more than Rs 1.5 crore. For outstanding interest ranging from Rs 50 lakh to Rs 1.5 crore, the CCIT rank officer will decide the exemption/deduction, while the PRCIT or Income Tax Commissioner can decide on outstanding interest up to Rs 50 lakh. At the same time, reduction or exemption in interest payable under Section 220 (2A) will be available on the fulfillment of three specified conditions.
18,000 fake companies detected, tax evasion of Rs 25,000 crores detected
Through a special campaign conducted across the country, tax officials have detected about 18,000 fake companies registered under GST, which are involved in tax evasion of about Rs 25,000 crores. These companies did not buy or sell any goods on the ground. They prepared input tax credit (ITC) by showing purchase and sale of goods only on paper and took a huge amount from the government in its name.
Fraud investigations to be completed within a year
The CBIC has asked customs officials to disclose the specific nature of ongoing investigations while issuing letters/summons in export/import fraud cases and complete the investigations within a year.
In a directive issued on November 1, CBIC said, “The investigation of any commercial intelligence/fraud case should be concluded as soon as possible, which generally does not exceed one year. Before starting the investigation, it is necessary to look into all the information and cross-check the available data to minimize contact with the importer/exporter.” CBIC Chairman Sanjay Kumar Agarwal said the guidelines underline the approach of minimum disruption during the investigation of CI fraud cases.
