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of <h1>CBDT Revises Compounding Guidelines: Simplifies Filing, Removes Offence Categories, Extends Payment Timelines Under Income-Tax Act, 1961.</h1> The Central Board of Direct Taxes (CBDT) issued revised guidelines on 17.10.2024 for the compounding of offences under the Income-Tax Act, 1961. These guidelines simplify previous rules by removing offence categorization, allowing multiple filings, and eliminating time limits for applications. All offences are now compoundable, and applications can be filed with the jurisdictional authority. Compounding fees are adjustable against charges, and no limit exists on the number of applications. The guidelines also address applications pending under prior rules and clarify procedures for co-accused and cases involving other agencies. Extensions for payment of compounding charges are allowed up to 24 months.
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