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Monday, October 21, 2024 Facebook Instagram Twitter WhatsApp Youtube Personal Finance Education Entertainment Jobs Alert Sports Hindi Technology Complaint Redressal. Fact-Checking Policy Correction policy Authors and Team DNPA Code of Ethics Onwership and Funding Cookie Policy Terms of Service Disclaimer Contact US About Us More Search Home Personal Finance Income Tax Department has issued new rules for compounding, now less penalty..
. Personal Finance Income Tax Department has issued new rules for compounding, now less penalty will be levied By Shyamu Maurya October 21, 2024 0 7 Share Facebook Twitter Pinterest WhatsApp Telegram Income Tax Department has issued new rules for compounding, now less penalty will be levied The Income Tax Department on Thursday issued revised guidelines for compounding of offences under the Income Tax Act by simplifying the process and reducing charges. The Income Tax Department on Thursday issued revised guidelines for compounding of offences under the Income Tax Act by simplifying the process and reducing charges.
The revised guidelines will apply to pending and new applications for compounding of offences. Compounding of offences means that in some offences the concerned parties can settle the case while the case is pending in the court. Upon compounding, further proceedings in the case are stopped.
The Central Board of Direct Taxes (CBDT) said in a statement that it has abolished the classification of crimes and also removed the limit for filing applications. To facilitate the compounding of crimes by companies and Hindu Undivided Families (HUFs), the condition of filing an application on behalf of the main accused has been abolished. Under the new guidelines, the offences of any or all co-accused along with the main accused can be compounded on payment of the relevant compounding fee by the main accused and/or any co-accused.
It also rationalises compounding fees by eliminating interest on delay in payment of compounding fees. Apart from this, the rates for various offences have been reduced. For example, several rates related to default in tax deduction at source (TDS) have been removed and made a single rate of 1.
5 percent per month. Along with this, the basis for calculating compounding fee for not filing returns has also been simplified. CBDT said, “The revised guidelines are an additional step towards simplification of processes with the aim of promoting ease of compliance.
” These guidelines are expected to facilitate stakeholders by reducing complexities, simplifying the compounding process and reducing compounding fees. Join Informal Newz Tags Income tax Income Tax Act Income Tax Department Share Facebook Twitter Pinterest WhatsApp Telegram Previous article Public Holiday: Good news! All schools, colleges and offices will remain closed for 3 days due to public holiday Shyamu Maurya Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018.
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