The revised guidelines issued by the Income Tax (I-T) department have made serious offences under the black money and benami laws generally non-compoundable. It means that an individual or an entity would not be able to get away by just paying the tax demand, penalty and interest, under the new Income Tax rules. The new Income Tax rules will kick in from June 17. It will be applicable to all cases for compounding received on or after this date.
The offences have been grouped in two categories. Group A includes failure to pay the tax deducted at source under Chapter XVII-B, tax payable under Section 115-0, or failure to pay the tax collected at source.
Group B includes offences of willful attempt to evade tax, false statement in verification and failure to produce accounts and documents.
Under the new rules, those evading taxes would no more be able to compound their offences just by paying a stiff penalty and they will now have to face the legal action.
The revised guidelines issued by the Income Tax (I-T) department have made serious offences under the black money and benami laws generally non-compoundable. It means that an individual or an entity would not be able to get away by just paying the tax demand, penalty and interest, under the new Income Tax rules. The new Income Tax rules will kick in from June 17. It will be applicable to all cases for compounding received on or after this date.
The offences have been grouped in two categories. Group A includes failure to pay the tax deducted at source under Chapter XVII-B, tax payable under Section 115-0, or failure to pay the tax collected at source.
Group B includes offences of willful attempt to evade tax, false statement in verification and failure to produce accounts and documents.
Under the new rules, those evading taxes would no more be able to compound their offences just by paying a stiff penalty and they will now have to face the legal action.
768.jpeg)
15.jpeg)
137.jpeg)
764.jpeg)
91.jpeg)
195.jpeg)
