What is the time limit for making a decision on an interest waiver application?
Ans:
Within a year of the end of the month in which the application is submitted, the decision about the waiver of interest must be made. In many instances, the assessee must be given a chance to be heard before a decision is made to reject them. Even after the assessee has paid interest, a petition under Section 220(2A) to waive interest may be submitted.