New Income Tax Rules: No escape just by Paying Penalty
New Income Tax Rules: No escape just by Paying Penalty https://www.fundstiger.com/new-income-tax-rules/ The revised guidelines issued by the Income Tax department have made serious offences under the black money and benami laws generally non-compoundable. It means that an individual or an entity would not be able to get away by just paying the tax demand, penalty and interest, under the new Income Tax rules. The new Income Tax rules kicked from June 17. It will be applicable to all cases for compounding received on or after this date. Listing 13 cases, where the offences are not to be generally compounded, and also grouping the offences in two parts, the Central Board of Direct Taxes (CBDT) has directed its senior officers to circulate the revised guidelines for compliance by concerned authorities. The earlier CBDT guidelines permitted compounding of offences relating to undisclosed foreign bank accounts and overseas assets, if the taxpayer has cooperated and paid th...