Guidelines for compounding of offences under Direct Tax Laws-Amendments—regarding

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....light of past experience and future needs. Following amendments are hereby made to these guidelines with immediate effect : (A) Procedural amendments : (I) Under the existing guidelines, technical offences (enlisted in para. 2.2 of the said guidelines) are to be compounded, by the Chief Commissioner of Income-tax or Director-General of Income-tax (Inv.) (as the case may be), if following conditions are collectively satisfied : (i) It is the first offence by the assessee. (ii) The compounding charges do not exceed Rs. 10 lakhs. (iii) The offence is compounded only before the filing of complaint. In all other cases, the technical offences as per existing guidelines, are to be compounded with the....

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....-1989)-Failure to comply with the provisions of section 269SS : Under the existing guidelines, compounding fee is 50% of the amount of any loan or deposit accepted in contravention of the provisions of section 269SS. It has now been reduced to 20% of the amount of any loan or deposit accepted in contravention of the provision of section 269SS. (III) Section 276E (prior to 1-4-1989)-Failure to comply with the provisions of section 269T : Under the existing guidelines, compounding fee is 50% of the amount of deposit repaid in contravention of the provisions of section 269T. It has now been reduced to 20% of the amount of deposit repaid in contravention of the provisions of section 269T. (IV) Section 276CC-F....