Tally for Practicing CAs Gold Edition (Multi User) Tally for CAs in Industry Silver Edition (Single User) Tally Renewal (Auditor Edition) Need Tally for Clients? (Tie-up with us!!!)
Direct Tax »
 No use of coercive powers by tax officers in case of recoveries: CBDT
  Don't forget to use two new tax deductions ITR filing 2019-20
 CBIC advises businesses to rectify GST return filing defaults
 Use the correct ITR form or else your tax returns would be invalid
  Want to check how much income you paid? Here are steps to follow ITR 2019-20
 Tax returns: Made high-value transactions or large investments? The new Form 26AS captures it all
 Indirect Tax E-Bulletin August 2020
 Income Tax Return filing: Opting for new regime? This is the new form you need to fill
 Why you need to file returns even if your employer deducts full taxes
 ITR filing 2019-2020: File your income tax online in just few simple steps
 Deadline for Filing Income Tax Returns-ITRs Extended to 30 November

CBDT issues new guidelines for compounding
June, 18th 2019

India's direct taxes body has tightened framework for compounding of offences almost shutting the window for money laundering, non-disclosure of foreign assets or possession of a benami asset.

The latest guidelines from the Central Board of Direct Taxes, which come into effect from June 17, clearly state offences in this category cannot normally be compounded. However, finance minister can relax restrictions on consideration of a report from CBDT.

Tax experts say the new framework is stricter.

"The revised compounding guidelines have made it much more difficult to get compounding done for money laundering, black money act/non-disclosure of foreign assets and Benami cases," said Amit Maheshwari, partner, Ashok Maheshwary & AssociatesNSE -10.29 % LLP.

The latest guidelines, superceding the ones issued in December, 2014, classify offences into three categories. The first category of offences open to compounding include defaults under tax deducted or collected at source, failure to file return. The second category of offences, for which compounding will not be allowed, deal with willful evasion of tax, removal or concealment or transfer or delivery of property to thwart tax recovery in a search operation.

The third category of offences that "shall normally not be compounded" includes offences committed by a person for which he was convicted by a court of law under direct tax laws, enabling others to evade taxes, launder money by generating bogus invoices, offences relating to undisclosed foreign bank account or assets under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 or under the Benami Transactions (Prohibition) Act,1988.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting