INSIGHTS

Introduction : Tax notices rarely arrive at a convenient time. When an assessment finds underreported income, the tax and interest are only part of the bill, because a penalty can follow. The Income Tax Act,2025 gives taxpayers a way to avoid that penalty, and the process has just changed. The CBDT has notified a revised application for seeking a penalty waiver. Here is what businesses need to know. What Is the Penalty Waiver under Section 440(2)? Fundamentally, a penalty wai