New Student Offer Use Code - HELLO

Join Here

CBDT Issues Revised Guidelines for Income Tax Offences

Published on September 18, 2022
Current Context: Central Board of Direct Taxes (CBDT) issued revised Guidelines for compounding offences under the Income-Tax Act 1961.
CBDT Issues Revised Guidelines for Income Tax Offences
  • The guidelines were issued to conform to the Government of India’s policy of facilitating the Ease of Doing Business and decriminalization of offences.
  • Some of the important changes made for the benefit of taxpayers include making offences punishable under Section 276 (Removal, concealment, transfer, or delivery of property to thwart tax recovery) of the Act compoundable.
  • The scope of eligibility for compounding cases has been relaxed in which imprisonment for less than 2 years has now been made compoundable.
  • The time limit for acceptance of compounding applications has been amended from the earlier limit of 2 years to 3 years.
  • Penal interest of 2% per month up to 3 months and 3% per month beyond 3 months has been reduced to 1% and 2% respectively.
  • CBDT is a statutory body that was established as per the Central Board of Revenue Act, 1963. It is administered by the Department of Revenue under the Ministry of Finance.

Question:

Q.1 As per the CBDT, the time limit for acceptance of compounding applications is?
a. 12 Months
b. 24 Months
c. 36 Months
d. 48 Months
ebook store

About Me

Ramandeep Singh

Ramandeep Singh - Educator

I'm Ramandeep Singh, your guide to banking and insurance exams. With 14 years of experience and over 5000 successful selections, I understand the path to success firsthand, having transitioned from Dena Bank and SBI. I'm passionate about helping you achieve your banking and insurance dreams.

  • Follow me:
Close Menu
Close Menu