Guidelines – In case of persons holding undisclosed foreign bank accounts/ assets

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..... CsIT/CCsIT/Pr.DOsIT/DGsIT Sir/Madam, Subject: Guidelines for Compounding of Offences under Income Tax Act, 1961/Wealth tax Act, 1957 in cases of persons holding undisclosed foreign bank accounts/assets -reg. Doubts have been expressed by the field formation as to whether offences relating to undisclosed foreign bank accounts/assets could be compounded as per the extant guidelines of the Board d .....

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..... unts with which he is associated), paid taxes and penalty and co-operated with the Department may be considered for compounding as per the guidelines dated 23-12-2014, only after filing the complaints. 3. This clarification is issued in continuation to the Board's guidelines for compounding of offences dated 23-12-2014. The Pr.CCsIT/CCsIT/Pr.DGsIT/DGsIT are requested to circulate the same amo .....

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