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TMI BlogCBDT issues Revised Guidelines for compounding offences under the Income- tax Act, 1961X X X X Extracts X X X X X X X X Extracts X X X X ..... CBDT issues Revised Guidelines for compounding offences under the Income- tax Act, 1961 - News and Press Release Dated:- 18-10-2024 - News - Guidelines will reduce complexities arising out of existing multiple guidelines, simplify the compounding procedure and lower the compounding charges In conformity with the Finance Minister s budget announcement on simplification and rationalization of comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ounding procedure, CBDT has issued Revised Guidelines for Compounding of offences under the Income-tax Act, 1961(the 'Act') on 17.10.2024. The revised guidelines supersede all existing guidelines on the subject and would apply to pending as well as new applications, from the date of its issue. The guidelines are expected to facilitate the stakeholders by reducing complexities arising out o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f existing multiple guidelines, simplifying the compounding procedure and lowering the compounding charges. The guidelines have been simplified inter-alia by eliminating the categorization of offences, removing the limit on number of occasions for filing applications, allowing fresh application upon curing of defects which was not permissible under earlier guidelines, allowing compounding of offen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ces under section 275A and 276B of the Act, removing the existing time limit for filing application viz 36 months from the date of filing of complaint, etc. To facilitate compounding of offences by companies and HUFs, the requirement of main accused filing the application has been dispensed with. The offences of the main accused as well as any or all co- accused can be compounded on payment of rel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evant compounding charges by the main accused and/or any of the co-accused, under the revised guidelines. The compounding charges have also been rationalized by abolishing interest chargeable on delayed payment of compounding charges, reducing rates for various offences such as for TDS defaults, multiple rates of 2%, 3% and 5% have been reduced to single rate of 1.5% per month and basis for calcul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation of compounding charges for non-filing of return has been simplified. Other simplification measures include removal of charge of separate compounding fee from co- accused. The revised guidelines are an additional step towards simplification of procedures aimed at promoting ease of compliance. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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