« Top Headlines » Open DEMAT Account in 24 hrs  ITAT Cuts ?4.85 Lakh Penalty After ?14.02 Lakh Interest Income Was Missed in ITR  ITR filed under old regime, tax calculated under new regime; Delhi ITAT gives taxpayer relief  ITAT Delhi Quashes Tax Notice on AMU PG Student’s ?18.34 Lakh Stipend, Declares It Tax-Free Under Section 10(16)  Advance tax deadline September 15: What happens if you missed the previous instalment payment?  How much gold jewellery can you keep at home? Nagpur ITAT explains rules on ownership, gifts, taxability  ?5.31 lakh TDS refund allowed by ITAT Delhi: Why absence of an original ITR did not block the taxpayer  Missed the ITR Filing Deadline? How to Claim Your Income Tax Refund and Correct Mistakes Before December 31, 2026  GST Return Preparation & ITC Analysis with TallyPrime (Hinglish Session)  GST Return Preparation & ITC Analysis with TallyPrime (Hinglish Session)  GST Return Preparation & ITC Analysis with TallyPrime (Hinglish Session)  Income-Tax Department Moves to Bring Greater Certainty to International Tax Cases «  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.