New income tax norms from today, settling cases by paying penalty no longer an escape
Updated : June 17, 2019 12:28 PM IST
This means that a person or entity would not be able to settle a case of tax evasion by just paying the tax demand, penalty and interest.
The new guidelines will kick in from June 17, 2019 and apply to all cases for compounding received on or after this date.
Listing 13 cases, where the offences are not to be generally compounded, and also grouping the offences in two parts, the Central Board of Direct Taxes (CBDT) has directed its senior officers to circulate the revised guidelines for compliance by concerned authorities.