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Criminal prosecution threshold for tax defaults narrowed to exclude small post-offset tax liabilities from prosecution. Amendment revises the proviso to section 276CC so that prosecution for tax defaults does not apply where the tax payable by a person other than a company, determined on regular assessment and reduced by advance tax or self-assessment tax paid before expiry of the assessment year and any tax deducted or collected at source, does not exceed the prescribed monetary threshold.
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<h1>Criminal prosecution threshold for tax defaults narrowed to exclude small post-offset tax liabilities from prosecution.</h1> Amendment revises the proviso to section 276CC so that prosecution for tax defaults does not apply where the tax payable by a person other than a company, determined on regular assessment and reduced by advance tax or self-assessment tax paid before expiry of the assessment year and any tax deducted or collected at source, does not exceed the prescribed monetary threshold.
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