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TMI BlogGuidelines for compounding of offences under Direct Tax Laws-Amendments—regardingX X X X Extracts X X X X X X X X Extracts X X X X ..... ing amendments are hereby made to these guidelines with immediate effect : (A) Procedural amendments : (I) Under the existing guidelines, technical offences (enlisted in para. 2.2 of the said guidelines) are to be compounded, by the Chief Commissioner of Income-tax or Director-General of Income-tax (Inv.) (as the case may be), if following conditions are collectively satisfied : (i) It is the first offence by the assessee. (ii) The compounding charges do not exceed Rs. 10 lakhs. (iii) The offence is compounded only before the filing of complaint. In all other cases, the technical offences as per existing guidelines, are to be compounded with the approval of the Board. In this regard, it has now been decided that : (a) all ty ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an or deposit accepted in contravention of the provisions of section 269SS. It has now been reduced to 20% of the amount of any loan or deposit accepted in contravention of the provision of section 269SS. (III) Section 276E (prior to 1-4-1989)-Failure to comply with the provisions of section 269T : Under the existing guidelines, compounding fee is 50% of the amount of deposit repaid in contravention of the provisions of section 269T. It has now been reduced to 20% of the amount of deposit repaid in contravention of the provisions of section 269T. (IV) Section 276CC-Failure to furnish returns of income : Under the existing guidelines, compounding fee is as under : "9.7.1—5% per month or part of a month of the tax determined on regu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It has now been reduced to 50% of amount sought to be evaded irrespective of the amount sought to be evaded. 2. All other provisions of the existing guidelines and clarifications issued subsequently from time to time shall continue to be applicable. 3. Above amendments shall be applicable to future as well as to cases pending at any stage. However, the offences already compounded shall not be re-considered. 4. These amendments shall apply mutatis mutandis to offences under the other Direct Tax Laws also. 5. These amendments may be brought to all concerned and be given wide publicity. Yours faithfully, (Sd.) Sharat Chandra, Director (Inv. II and III) and OSD (Legal). - Circular - Trade Notice - Public Notice - Instructions - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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