Power to waive penalty or fee or both.

Section 128

The Government may, by notification, waive in part or full, any penalty referred to in section 122 or section 123 or section 125 or any late fee referred to in section 47 for such class of taxpayers and under such mitigating circumstances as may be specified therein on the recommendations of the Council.

AI Explanation

Power to Waive Penalty or Fee or Both

In certain situations, the government has the authority to waive penalties or fees, either partially or entirely. This provision is outlined in Section 128 of the relevant legislation.

Waiving Penalties and Fees

When it comes to penalties mentioned in Section 122, Section 123, or Section 125, or late fees described in Section 47, the government holds the power to waive them for a specific class of taxpayers. This waiver is contingent upon the circumstances, and the government can decide to do so based on the recommendations put forth by the Council.

Government's Notification Authority

The government exercises its authority through an official notification. This notification specifies the extent to which penalties or fees can be waived and outlines the particular circumstances or conditions under which such waivers may be granted.

Recommendations of the Council

Before the government decides to waive any penalties or fees, it takes into consideration the recommendations made by the Council. This ensures a systematic and consultative approach in determining when and how such waivers should be applied.

By following this process, the government aims to provide relief to certain classes of taxpayers facing mitigating circumstances, contributing to a fair and balanced application of penalties and fees.