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CBDT to waive interest if tax demand paid in retro cases

 CBDT to waive interest if tax demand paid in retro cases

 

  • The tax department will waive interest liability if the principal demand of capital gains tax is paid by companies like Cairn India and Vodafone plc.The Central Board of Direct Taxes (CBDT) on March 24 issued a circular for waiver of interest in disputed tax demand in different scenarios.In cases where tax liability arose because of retrospective amendment to the law or a court ruling, the interest payable on the demand will be waived, it said.
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