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Income Tax - Highlights / Catch Notes

Home Highlights October 2023 Year 2023 This

Compounding of offence(s) - determination of compounding fee - ...

Income Tax

October 17, 2023

Compounding of offence(s) - determination of compounding fee - first occasion - 5% or 3% of the amount of tax in default - Since a common application had been filed for the aforementioned FYs for the first time, it would fall within the expression “first occasion”, as indicated in the guidelines for compounding of offences under Direct Tax Laws, 2019. - the compounding fee should have been calculated at the rate of 3%, and not at 5% - HC

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