{"id":274144,"date":"2022-09-21T17:30:12","date_gmt":"2022-09-21T12:00:12","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=274144"},"modified":"2022-09-21T17:30:12","modified_gmt":"2022-09-21T12:00:12","slug":"ministry-of-finance-issues-revised-guidelines-for-compounding-of-offence-under-the-income-tax-act-1961","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/09\/21\/ministry-of-finance-issues-revised-guidelines-for-compounding-of-offence-under-the-income-tax-act-1961\/","title":{"rendered":"Ministry of Finance issues revised guidelines for compounding of offence under the Income -Tax Act, 1961"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"text-indent: 18pt;\">&#160; &#160;<\/p>\n<p style=\"text-indent: 18pt; margin-bottom: 3%;\">On 16-9-2022 the CBDT has issued revised guidelines for compounding of offence under the <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002955939\">Income-Tax Act, 1961<\/a> to simplify and facilitate compounding of offences under <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002955939\">Income Tax Act, 1961<\/a> with reference to various offences covered under the prosecution provisions of the Act.<\/p>\n<p><span style=\"font-family: Calibri;\"><b>Key Points<\/b>:<\/span><\/p>\n<ul>\n<li>\n<p>Offence punishable under Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0001559705\">276<\/a> of <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002955939\">IT Act, 1961<\/a> have been made compoundable. Section 276 deals with Removal, concealment, transfer or delivery of property to thwart tax recovery.<\/p>\n<\/li>\n<li>\n<p>Offence under <i>Direct Taxes Laws<\/i> where case of an applicant, who has convicted earlier with imprisonment for less than two years being previously non-compoundable has now been made compoundable.<\/p>\n<\/li>\n<li>\n<p><b>Relaxation of time<\/b>: Time limit for acceptance of compounding application has been relaxed with the approval of Chief Commissioner of Income Tax from the earlier limit of 24 months to 36 months now. In such cases where relaxation has been provided compounding charges would be @1.5 times more than the normal compounding charges.<\/p>\n<\/li>\n<li>\n<p>Complexity in procedure has been simplified now by intimating the applicant that the application is found acceptable or non-acceptable along with compounding charges.<\/p>\n<\/li>\n<li>\n<p style=\"margin-bottom: 3%;\">Compounding charges for failure to pay Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) @2% per month up to 3 months and 3% per month beyond 3 months have been reduced to 1% and 2% respectively.<\/p>\n<\/li>\n<\/ul>\n<hr\/>\n<p style=\"text-indent: 18pt;\"><strong><span style=\"color: #000080;\">*Disha Srivastava, Publication Assistant has reported this brief.<\/span><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>&#160; &#160; On 16-9-2022 the CBDT has issued revised guidelines for compounding of offence under the Income-Tax Act, 1961 to simplify and <\/p>\n","protected":false},"author":67011,"featured_media":274145,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,13],"tags":[29414,51086,30630,2824],"class_list":["post-274144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-statutes","tag-cbdt","tag-income-tax-act-1961","tag-it-act","tag-Ministry_of_Finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ministry of Finance issues revised guidelines for compounding of offence under the Income -Tax Act, 1961 | SCC Times<\/title>\n<meta name=\"description\" content=\"On 16-9-2022 the CBDT has issued revised guidelines for compounding of offence under the Income-Tax Act, 1961 to simplify and facilitate\" 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of Income Tax Act","author":"Editor","date":"January 13, 2025","format":false,"excerpt":"The Circular dated 17-10-2024 issued by the Central Board of Direct Taxe provides fresh guidelines for compounding of offences under the Income Tax Act.","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Orissa High Court","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Orissa-High-Court.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Orissa-High-Court.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Orissa-High-Court.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Orissa-High-Court.webp?resize=700%2C400&ssl=1 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The said guidelines came into effect from 17-06-2019. The applications received before 17-06-2019 shall continue to be dealt with in accordance with the Guidelines dated 23-12-2014. Compounding is not\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/tax.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/tax.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/tax.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/tax.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/tax.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":135571,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/06\/07\/cbdt-notifies-transactions-for-which-the-condition-of-chargeability-to-stt-for-claiming-exemption-under-s-1038-of-income-tax-act-1961-shall-not-apply\/","url_meta":{"origin":274144,"position":3},"title":"CBDT notifies transactions for which the condition of chargeability to STT for claiming exemption under S. 10(38) of IT Act, 1961 shall not apply","author":"Saba","date":"June 7, 2017","format":false,"excerpt":"Section 10(38) of the Income Tax Act, 1961 (\u2018the Act\u2019),\u00a0prior to its amendment by Finance Act, 2017\u00a0provided that the income arising by way of a transfer of long term capital asset, being equity share in a company shall be exempt from tax if such transfer is undertaken after 1st\u00a0October, 2004\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":137611,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/06\/20\/cbdt-notifies-rule-10cb-for-secondary-adjustments-under-s-92ce-of-it-act-1961\/","url_meta":{"origin":274144,"position":4},"title":"CBDT notifies Rule 10CB for Secondary Adjustments under S. 92CE of IT Act, 1961","author":"Saba","date":"June 20, 2017","format":false,"excerpt":"Rule 10CB for operationalising the provisions of secondary adjustment has been notified by the Central Board of Direct Taxes on 15th June, 2017. It prescribes the time-limit for repatriation of excess money and the rate of interest to be applied for computing the income in case of failure to repatriate\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":194462,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/03\/27\/requirement-of-furnishing-country-by-country-report-under-s-2864-of-income-tax-act-1961-clarified\/","url_meta":{"origin":274144,"position":5},"title":"Requirement of furnishing Country-by Country Report under S. 286(4) of Income Tax Act, 1961 clarified","author":"Saba","date":"March 27, 2018","format":false,"excerpt":"In keeping with\u00a0India\u2019s commitment to implement the Recommendations of the 2015 Final Report on Action 13, titled\u00a0\u201cTransfer Pricing Documentation and Country-by-Country Reporting\u201d, identified under the OECD Base Erosion and Profit Shifting (BEPS) Project, Section 286 of the Income Tax Act, 1961 (\u2018the Act\u2019) was inserted vide Finance Act, 2016, which\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/274144","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67011"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=274144"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/274144\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/274145"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=274144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=274144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=274144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}