CBDT issues Revised Guidelines for compounding of offences under the Income-tax Act, 1961

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..... CBDT issues Revised Guidelines for compounding of offences under the Income-tax Act, 1961 - News and Press Release Dated:- 19-9-2022 - News - In conformity with the Government's policy of facilitating Ease of Doing Business and decriminalisation of offences, CBDT has taken steps in this direction and issued revised Guidelines for Compounding of offences under the Income-tax Act, 1961 (the & .....

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..... #39;Act') dated 16.09.2022 with reference to various offences covered under the prosecution provisions of the Act. Some of the major changes made for the benefit of taxpayers include making offence punishable under Section 276 of the Act as compoundable. Further, the scope of eligibility for compounding of cases has been relaxed whereby case of an applicant who has been convicted with imp .....

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..... risonment for less than 2 years being previously non-compoundable, has now been made compoundable.The discretion available with the competent authority has also been suitably restricted. The time limit for acceptance of compounding applications has been relaxed from the earlier limit of 24 months to 36 months now, from the date of filing of complaint. Procedural complexities have also been redu .....

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..... ced/simplified. Specific upper limits have been introduced for the compounding fee covering defaults across several provisions of the Act. Additional compounding charges in the nature 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. Guidelines for Compounding of Offences under the Income-Tax Act, 1961 - News .....

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..... - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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