India

Revised Guidelines Issued For Compounding Of Offences Under Income Tax Act

By
OB Bureau

New Delhi: The Central Board of Direct Taxes (CBDT) has taken steps in conformity with the Central government’s policy of facilitating ease of doing business and decriminalisation of offences.

CBDT has issued revised Guidelines for compounding of offences under the Income Tax Act, 1961, dated September 16, 2022, with reference to various offences covered under the prosecution provisions of the Act.

Among the major changes made for the benefit of taxpayers are making offence punishable under Section 276 of the Act as compoundable.

The scope of eligibility for compounding of cases has been relaxed. The previously non-compoundable case of an applicant who has been convicted with imprisonment for less than 2 years has now been made compoundable. The discretion of competent authority has also been restricted.

The time limit for acceptance of compounding applications has been increased from 24 months to 36 months — from the date of filing of complaint. Procedural complexities have also been reduced/simplified.

Upper limits for compounding fee, covering defaults across several provisions of the Act, have been introduced.

Additional compounding charges of penal interest @ 2% per month up to 3 months and 3% per month beyond 3 months have been reduced to 1% and 2%, respectively.

Check revised guidelines for compounding of offences at — http://www.incometaxindia.gov.in.

OB Bureau

Recent Posts

KISS-DU Convocation Honours 3 Eminent Personalities; 8 PhD Degrees Awarded

Bhubaneswar: Three eminent personalities were conferred honorary D.Litt degrees for their outstanding academic excellence and…

November 24, 2024

INS Kuthar Visits Odisha’s Gopalpur Port To Promote Awareness On Coastal Security

Berhampur: Indian Navy ship INS Kuthar docked in Gopalpur port in Odisha's Ganjam district with…

November 24, 2024

Attack On Dharmasala MLA In Odisha: BJD, BJP Trade Charges Over Police Action

Jajpur: Ruling BJP and Opposition BJD were engaged in trading charges against each other on…

November 24, 2024

After Jaiswal-Kohli-Bumrah Heroics, Can India Beat Australia By Record Margin In 1st Test?

Perth: It was the perfect day of Test cricket for Team India. The visiting team…

November 24, 2024

Youth Beats Old Mother To Death In Odisha’s Angul

Angul: A youth allegedly beat his old mother to death following an argument over a…

November 24, 2024

Virat Kohli Thanks Anushka After Breaking Century Drought [Watch]; Check His Feats

Perth: He hadn’t scored a Test century for 16 months. His previous 15 Test knocks…

November 24, 2024

BJD’s Minority Cell Stages Protest Against Waqf Bill In Bhubaneswar

Bhubaneswar: The members of BJD's minority cell staged a demonstration in front of Raj Bhavan…

November 24, 2024

System Over Bay Of Bengal To Trigger Rain In Odisha, Push Up Night Temp By 2-4°C

Bhubaneswar: Dense fog reduced visibility in Odisha's Rourkela while moderate fog engulfed Koraput, Bhawanipatna and…

November 24, 2024