CBDT issues Revised Guidelines for compounding offences under IT Act

 Key points on the revised guidelines for compounding of offences:

• Finance Minister’s Announcement: The revision follows the Finance Minister’s budget announcement on simplification and rationalization of the compounding procedure.
• Issuing Authority: The Central Board of Direct Taxes (CBDT) issued the new guidelines.
• Date of Release: The revised guidelines were issued on Thursday.
• Law Covered: These guidelines pertain to offences under the Income-tax Act, 1961.
• Objective: The aim is to make the compounding process more streamlined and rationalized for taxpayers.
  

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Source: www.chinimandi.com

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