Corporate Updates – 30-03-2017


CBEC has issued a circular regarding extension of e-payment deadline and of banking hours, wherein it has been decided that all agency banks shall keep the counters of their designated branches conducting government business open up to 8,00 pm on March 30. 2017 and up to 6.00 p.m. on March 31, 2017. All electronic transactions would, however, continue till midnight of March 31, 2017, and allowing assessees to make e-payment till the midnight of March 31, 2017.


Ministry of Finance (Department of Revenue) has issued Guidelines for waiver of interest charged under section 201(1A) (i) of the Income Tax Act,1961. CBDT, has directed that the Chief Commissioner of Income-tax and Director General of Income-tax may reduce or waive interest charged under section 201(1 A) (1) of the Act in the classes of cases specified in paragraph 2 of this Circular for the period and to the extent the Chief Commissioner of Income Tax Director General of Income Yax may deem fit. Even if the interest u/s 201(1A) (i) has already been paid by the deductor, the same can be considered for waiver, subject to the conditions above and a refund may be given to the deductor, if waiver is ordered.

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