Guidelines for compounding of offences under Direct Tax Laws-Amendments—regarding

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..... (Inv.). Subject : Guidelines for compounding of offences under Direct Tax Laws-Amendments-regarding. Sir The existing guidelines for compounding of offences under the Direct Tax Laws issued vide Board's F. No. 285/161/90-IT(Inv.), dated 30th September, 1994, have been reviewed in the light of past experience and future needs. Following amendments are hereby made to these guidelines with imm .....

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..... t offence and subsequent offence is removed ; and (c) CCIT/DGIT shall not reject an application for compounding of a technical offence, if all conditions prescribed in the guidelines are satisfied. (II) Para. 5(iii) of the existing guidelines provides that for compounding of substantive/non-technical offences, in which the amount involved in the offence exceeds Rs. 1 lakh, the Board shall gran .....

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..... n default. (II) Section 276DD (prior to 2-4-1989)-Failure to comply with the provisions of section 269SS : Under the existing guidelines, compounding fee is 50% of the amount of any loan or deposit accepted in contravention of the provisions of section 269SS. It has now been reduced to 20% of the amount of any loan or deposit accepted in contravention of the provision of section 269SS. (III) .....

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..... to the date of furnishing of the return or where no return was furnished, the date of completion of the assessment. 9.7.2 - Where before the date of furnishing of the return or where no returns was furnished, the date of completion of assessment of any tax is paid by the assessee under section 140A or otherwise : (ii) Compounding fee shall be calculated in the manner prescribed in para. 9.7.1 .....

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..... 00% of the amount sought to be evaded. It has now been reduced to 50% of amount sought to be evaded irrespective of the amount sought to be evaded. 2. All other provisions of the existing guidelines and clarifications issued subsequently from time to time shall continue to be applicable. 3. Above amendments shall be applicable to future as well as to cases pending at any stage. However, the of .....

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