https://www.taxtmi.com/news?id=28027 The CBDT issued revised guidelines for compounding of offences under the Income tax Act, which supersede earlier guidelines and apply to pending and new applications. Key changes eliminate offence categorisation, remove limits on application frequency, permit fresh applications after curing defects, extend compounding to additional penal offences, and remove the prior time limit for filing. For companies and HUFs the main accused need not file; compounding may be effected by payment from main or any co accused. Compounding charges are rationalised by abolishing interest on delayed payment, consolidating multiple rates into a single monthly rate for certain defaults, simplifying the calculation for non filing, and removing separate fees for co accused. en-us Fri, 18 Oct 2024 09:35:20 +0530 Fri, 18 Oct 2024 18:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=28027 The CBDT issued revised guidelines for compounding of offences under the Income tax Act, which supersede earlier guidelines and apply to pending and new applications. Key changes eliminate offence categorisation, remove limits on application frequency, permit fresh applications after curing defects, extend compounding to additional penal offences, and remove the prior time limit for filing. For companies and HUFs the main accused need not file; compounding may be effected by payment from main or any co accused. Compounding charges are rationalised by abolishing interest on delayed payment, consolidating multiple rates into a single monthly rate for certain defaults, simplifying the calculation for non filing, and removing separate fees for co accused. News - Fri, 18 Oct 2024 09:35:20 +0530 https://www.taxtmi.com/news?id=28027