« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  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.