https://www.taxtmi.com/news?id=1615 The compliance overhaul encourages self-correction and provides a record based mitigation route under a proposed section 73(4A) where taxpayers who have true and complete transactions in specified records may pay tax, interest and a reduced penalty capped at 1% per month up to 25% of the tax; further reductions apply for prompt payment and for small taxpayers. Concurrently, penalties and interest rates are increased or recalibrated across sections 70, 76, 77, 78 and 80, and procedural powers for searches and limited prosecution (no arrest) are adjusted. en-us Mon, 28 Feb 2011 16:16:29 +0530 Mon, 28 Feb 2011 16:16:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=1615 The compliance overhaul encourages self-correction and provides a record based mitigation route under a proposed section 73(4A) where taxpayers who have true and complete transactions in specified records may pay tax, interest and a reduced penalty capped at 1% per month up to 25% of the tax; further reductions apply for prompt payment and for small taxpayers. Concurrently, penalties and interest rates are increased or recalibrated across sections 70, 76, 77, 78 and 80, and procedural powers for searches and limited prosecution (no arrest) are adjusted. News - Mon, 28 Feb 2011 16:16:29 +0530 https://www.taxtmi.com/news?id=1615