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of <h1>Procedure for Calculating Compounding Charges in Income Concealment Cases: Detailed Steps and Formula Explained.</h1> The circular outlines the procedure for calculating compounding charges for a firm in cases of income concealment. The calculation involves determining the income concealed and subtracting the firm tax and surcharges at the maximum marginal rate to find the allocable profit. From this, the tax on allocable income in the hands of partners is deducted. The post-tax profit for partners and the firm is calculated, and the total tax sought to be evaded is determined by adding the firm and partner taxes. An additional 10% for consolidated establishment expenses is added to the total tax to determine the compounding charges recoverable for the first offense.
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