Income Tax: The Central Board of Direct Taxes ie CBDT has relieved taxpayers in the announcement of crimes committed under the Income Tax Act. On Monday, March 17, the CBDT said that all offenses have been compounded under the Income Tax Act. This means that if a taxpayer is caught in any income tax crime, he can avoid paying a few rupees and avoids legal punishment. In a simple language, taxpayers can reconcile by paying money. However, this facility will be found only when the offender meets all the terms and conditions.
On Monday, the Central Board of Direct Taxes (CBDT) said that all offenses under the Income Tax Act have now been made combinable, whether agencies like the Enforcement Directorate (ED) or the Central Bureau of Investigation (CBI) are involved.
Which conditions will a settlement be possible?
If the person applying for this is not involved in any anti -country or terrorist activity, the income tax officials can complicate their case.
However, if the applicant is suspected of being involved in such activities, the crime will be allowed to compound the crime only with the approval of the CBDT Chairman.
What does the combination mean?
Compounding is a process in which the taxpayer is given the opportunity to avoid legal punishment, though he has to pay a fixed amount for this. With this the taxpayer can avoid the lawsuit.
How often can be applied for compounding?
Taxpayers can apply for compounding more than once. Previously, the time limit for applying for compounding was 36 months, but now the government has removed it. At the same time, if there is an error in any application, it can be corrected and re -applied.
When does it apply?
Taxpayers can apply for compounding after the case is filed.
Income tax (income tax) is a tax imposed on any person or organization earnings or profits. Click here to read other income tax news ..
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