SIGN IN SUBSCRIBE

News Update

Cabinet nod for Incentive scheme for promotion of low-value BHIM-UPI transactionsCabinet approves Revised National Program for Dairy DevelopmentI-T - Interest paid to assessee u/s 244-A of Income Tax Act, will be recoverable, if appeal filed by I-T Department is decided against assessee: HCCabinet okays Greenfield Highway starting from JNPA Port to Chowk in MaharashtraCus - Detention of seized goods is invalid where no SCN was issued to assessee within 6-month limitation; no personal hearing granted either: HCCabinet approves implementation of revised Rashtriya Gokul MissionGST - Limitation of 60 days period prescribed u/s 62(2) appears to be directory in nature - Right to file returns cannot be taken away: HCCabinet approves new Brownfield Ammonia-Urea Complex Namrup IV Fertilizer PlantGST - Fake ITC availment - Court considers the nature and gravity of the accusation and grants bail: HCSunita Williams says She never dreamt of becoming astronaut in childhoodGST - Criminal prosecution - Second FIR can be valid if it concerns a different offence arising from the same facts: HCBus catches fire; 4 pax burnt to deathGST - Rejecting input tax credit claim due to a minor error, causes substantial harm to assessee: HCIt all began in 1860...Cus - Appellant's refund claim denied for excess CVD paid on imported mobile phones, holding that claim is time-barred, lacked reassessment and failed to prove that duty burden is not passed on to buyers: CESTATCustoms - Rules amended for administration of Rules of Origin under trade pactsCus - Royalty payments for manufacturing know-how are not related to imported goods and should not be added to assessable value: CESTATTrump, Putin agree for partial ceasefire if Ukraine okays itCus - SCN issued beyond the limitation period prescribed therefor, is not sustainable: CESTATDGTR releases findings in safeguard probe into imports of non-alloy and alloy steel flat productsCBIC notifies definitive anti-dumping duty on ‘Soft Ferrite Cores’ from ChinaCBDT notifies u/s 138 Addl Chief Secretary of Delhi for sharing information to identify eligible beneficiaries under social welfare schemesST - Amounts, being payments for premature termination of contract, are not considered service-related; thus not taxable under Section 66E of Finance Act, 1994: CESTATBoxing Federation tosses out SG and Treasurer after serious embezzlement charges levelledLIC urges RBI to issue 100-year Govt bondsIAEA Director General says India’s N-sector among most dynamicMexico City amends rules to make bullfights less harmfulTrump Administration releases rest of JFK assassination papersCredit Scheme for MSMEs provides 60% guarantee up to Rs 100 Cr
 
CBDT issues FAQs on Revised Guidelines for compounding of offences

By TIOL News Service

NEW DELHI, MAR 18, 2025: THE revised Guidelines for Compounding of Offences under the Income-Tax Act, 1961 (hereinafter referred to as "the guidelines") were issued on October 17, 2024. These guidelines supersede all existing guidelines on the subject and are applicable to all pending as well as new applications from the date of their issuance.

The guidelines have been simplified compared to the previous version, inter alia, by eliminating the categorization of offences, removing the limit on the number of occasions for filing applications, allowing fresh applications upon curing of defects, permitting the compounding of offences under sections 275A and 276B of the Act, and removing the existing time limit for filing applications, which was previously set at 36 months from the date of filing of the complaint.

Following the issuance of the guidelines, queries were received from stakeholders seeking clarifications on various provisions. Based on these queries, the CBDT has issued Circular No. 04/2025, dated March 17, 2025, in the form of answers to frequently asked questions (FAQs). These FAQs provide the necessary clarifications on the scope of the guidelines, eligibility for filing applications, the mode of filing compounding applications and payment of fees, terms for compounding, compounding charges and procedures for payment, time limits, and other related aspects.


POST YOUR COMMENTS
   

TIOL Tube Latest

TIOL Tube
Shri Shailendra Kumar reading Citation for Sir Ratan Tata.

TOP NEWS


VISION 360



Shri Vijay Kumar delivering welcome address at TIOL Congress 2025.


Justice C V Bhadang addressing the gathering at TIOL Congress 2025.

TII LATEST

TIOLCORPLAWS LATEST