Home Highlights May 2014 Year 2014 This

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1. Rate of tax – Option of Compounding of Tax - Once such an option is exercised, all the contracts entered into either before giving the option or subsequent thereto, for...

2. Compounding of offence(s) - determination of compounding fee - first occasion - 5% or 3% of the amount of tax in default - Since a common application had been filed for...

3. Reduction in tax liability - payment of tax at compounded rate - The assessee with open eyes applied under the scheme and obtained permission. There was no cause for any...

4. Compounding of offences - KVAT Act - For compounding an offence, which of the compounding fees should be paid by the assessee: the one prevailing when the evasion took...

5. Composition scheme - exercising option prior to payment of service tax - The payment of tax under the composition scheme upon notification of the scheme vide a...

6. Compounding of offence u/s 276-B - application with wrong officer - compounding fees as first application @ 3% OR as second (subsequent) application @ 5% - whether, the...

7. The High Court held that the Central Board of Direct Tax's Compounding Guidelines dated 16 September 2022, which rejected the application for compounding u/s 279(2) on...

8. Works Contracts - benefit of compounding of tax - suppressed contract receipt - no compounding application was ever filed - Department was justified in acting...

9. Appellant's conduct showed mentality of evading taxes, not cooperating from filing return till assessment. Though penalty order was in 2002, appellant did not file...

10. Offence under FEMA - Levy of penalty post compounding orders - We cannot hold petitioners responsible for contravention once the compounding orders have been passed. We...

11. No time limit prescribed u/s 279(2) of Income Tax Act for filing compounding application. CBDT circular fixing 36-month limitation period held contrary to the Act and...

12. Service Tax (Compounding of Offences) Rules, 2012 - Notification

13. CIRP - Reimbursement of Compounding fees - Who is responsible for offence or compounding of offence under the Income Tax Act which was committed much before the...

14. Rejection of a compounding application filed beyond the prescribed time limit as per the CBDT circular. The High Court held that the CBDT cannot issue a circular...

15. The guidelines provide a comprehensive framework for compounding offenses under the Income Tax Act, 1961. The key points are: 1. Compounding is permissible for specified...