« Top Headlines » Open DEMAT Account in 24 hrs  Income Tax Return Filing: 10 Mistakes To Avoid When Filing ITR For AY 2024-25  Old vs New Tax Regime: Who should move to the New Tax Regime from the old one?  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80 «  Direct tax mop-up zooms 50% in 5 months to Rs 43k cr... Faster refunds for I-T returns filed at POs... » Revenue dept offers excise pay options September, 07th 2006 In a major trade facilitation measure, the revenue department has rolled out an optional scheme for voluntary payment of excise duty in full or part, for cases involving fraud or mis-statement. Assessees in such cases can now pay duty along with interest plus 25% of the duty levied as penalty within 30 days of receiving the showcause notice from the tax department. This will enable them to get away from the rigours of lengthy adjudication procedure. The Taxation Laws (Amendment) Act, 2006, has brought about these changes in Central Excise Rules, 2002, and the Customs Act, 1962, making them more trade-friendly, Central Board of Excise and Customs Chairman VP Singh said. He said with the insertion of sub-Section 1A under Section 11A of Central Excise Act, 1944, the assesses will not have to go through the rigours of adjudication. A similar provision has also been made for customs by inserting a new sub-Section 1A under Section 28 of Customs Act. Mr Singh said wire-drawing units have also been given relief by amending the Rule 16 of the Central Excise Rules, 2002, retrospectively. Wire-drawing units who were drawing wire from wire rods can now claim credit of duty paid on inputs.