Press release regarding CBDT issued revised guidelines for compounding of offences under the Income-tax Act, 1961(dated-17.09.2022)-CBDT.
View PdfPress release regarding CBDT issued revised guidelines for compounding of offences under the Income-tax Act, 1961(dated-17.09.2022)-CBDT.
- The time limit for acceptance of compounding applications has been relaxed from the earlier limit of 24 months to 36 months now, from the date of filing of complaint. Procedural complexities have also been reduced/simplified.
- Specific upper limits have been introduced for the compounding fee covering defaults across several provisions of the Act. Additional compounding charges in the nature of penal interest @ 2% per month up to 3 months and 3% per month beyond 3 months have been reduced to 1% and 2% respectively, refer attachment for further details.
