CBDT has issued Revised Guidelines for compounding of offences under the Income-tax Act, 1961. CBDT has taken this step in conformity with the Government’s policy of facilitating Ease of Doing Business and decriminalisation of offences.
Some of the major changes made for the benefit of taxpayers include making offence punishable under Section 276 of the Act as compoundable.
The scope of eligibility for compounding of cases has been relaxed where case of an applicant who has been convicted with imprisonment 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 simplified.
Courtesy : newsonair.gov.in
Image Source : @IncomeTaxIndia
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