- The new guidelines kicked in from this Monday and applies to all cases for compounding received on or after June 17
- The revised guidelines issued by the Income Tax Department have made serious offences under black money and benami laws ‘generally’ non-compoundable
Tightening the screw on tax evaders, the revised guidelines issued by the Income Tax (I-T) Department have made serious offences under black money and benami laws “generally” non-compoundable.
This means that a person or entity would not be able to settle a case of tax evasion by just paying the tax demand, penalty and interest.
The new guidelines kicked in from Monday and applies to all cases for compounding received on or after this date.
Listing 13 cases, where the offences are not to be generally compounded, and also grouping the offences in two parts, the Central Board of Direct Taxes (CBDT) has directed its senior officers to circulate the revised guidelines for compliance by concerned authorities.
Offences forming category ‘A’ include failure to pay tax deducted at source under Chapter XVII-B or tax payable under Section 115-0. Failure to pay the tax collected at source also falls under this category.
Source: Livemint
