Waiver of Interest or Penalty or both_Section 128A
INTRODUCTION: - Section 128A, as proposed by the Finance Act, 2024 (No. 2), dated 16.08.2024, through Section 146, was notified via Notification No. 17/2024 – Central Tax, dated 27.09.2024, and will be applicable from 01.11.2024. Section 128A provides a unique opportunity for taxpayers to settle their tax liabilities without paying interest and penalties under certain circumstances. This section focuses on cases where a taxpayer has an outstanding tax liability for the period from July 1, 2017, to March 31, 2020. It allows such taxpayers to settle their dues with significant relief if they meet the specific conditions outlined in this section. PERIOD FOR WHICH RELAXATION IS PROVIDED: - July 1, 2017, to March 31, 2020 (covering the financial years 2017-18, 2018-19, and 2019-20). ANALYSIS AND INTERPRETATION OF SECTION 128A: - Key Points: - Who is eligible? Taxpayers who have received tax notices or orders under Section 73 (Non fraud Case) or Sections 10