Income Tax Department introduces new form for penalty waiver applications

The Income Tax Department has introduced a new form for individuals to apply for waivers on penalties and late fees. This form is specifically for cases where fines were levied under sections 234A, 234B, 234C, 234E, or 270A of the Income Tax Act. Taxpayers can use this form to request relief by citing genuine reasons for their delays or defaults. The move aims to streamline the process for taxpayers seeking leniency from mandatory penalties.