NEWS INCOME TAX
NEW DELHI: Revised guidelines for payment of Income Tax came into force from Monday. The guidelines issued by the Income Tax Department made serious offences under black money and benami laws as “generally” non-compoundable. In other words, an individual or organisation would no more will be able to settle a case of tax evasion by only paying the tax, penalty and interest, as is done so far.
The category ‘B’ offences include wilful attempt to evade tax, failure to produce accounts and documents, and false statement in verification.
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