Compounding fees under income tax act for offence
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 May 2013
What is the compounding fees at present under income tax act for offence committed under section 276B of the act(Depositing TDS amount after 12 months) ?
CA.Sourabh Sethia
(Expert)
03 May 2013
Under the existing guidelines, compounding fee is 10% per month or part of a month, of the amount in default where the said amount exceeds Rs. one lakh and
5% per month or part of a month of the amount in default in other cases.
but it has now been reduced to 2% per month or part of a month of amount in default irrespective of amount in default.
5% per month or part of a month of the amount in default in other cases.
but it has now been reduced to 2% per month or part of a month of amount in default irrespective of amount in default.
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