CA Ankit Gulgulia (Jain)
Quick Summary
A. Introduction In supersession of all earlier Guidelines including the last Guidelines of the issued vide F.No.285/08/2014TT (lnv.V)/147 dated 14th June, 2019, the CBDT Issued revised guidelines vide F.No. 285/08/2014-IT(lnv.V)/196 dated 16th September, 2022 which were made applicable with immed
Daily Limit Reached
You have reached your daily limit of 2 Free Articles
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Broadcasts
- Daily E-Newsletter
- Unlimited Articles Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
The CBDT issued revised guidelines on September 16, 2022, superseding all earlier ones. These guidelines, applicable with immediate effect, detail the process for compounding offences under Chapter XXII of the Income Tax Act, 1961.
Any offence under Chapter XXII of the Act may be compounded by the Principal Chief Commissioner of Income Tax (Pr.CCIT), Chief Commissioner of Income Tax (CCIT), Principal Director General of Income Tax (Pr.DGIT), or Director General of Income Tax (DGIT), either before or after the institution of proceedings.
Yes, compounding is not a right. The Department may compound offences if eligibility conditions are met, considering factors like the assessee's conduct, the nature and magnitude of the offence, and the specific facts and circumstances of each case.
For these guidelines, offences are categorised into Category A (technical mistake-based offences) and Category B (wilful offences). Category B offences are treated more stringently.
If an application is accepted, the Competent Authority will inform the applicant of the compounding charges and any other pending liabilities. The applicant must then pay these charges within a specified period, after which the compounding order will be passed.
Yes, certain offences cannot be compounded. These include non-compliance with prohibitory orders during search and seizure, offences under Category 'A' on more than three occasions, Category 'B' offences other than the first one, and offences where the person has been convicted for serious offences or is involved in anti-national activities.
CAclubindia
