An overview of FAQ on compounding of offences under Income Tax Act, 1961
The Income Tax Department has released new frequently asked questions (FAQ) on compounding of offences under Income Tax Act, 1961.
Now, All offence under Income Tax Act have been made compoundable in revised guidelines dated October 17, 2024.
It may be noted that the compounding of an offence is a mechanism whereby the defaulter is reprieved of major legal consequences by affording him an opportunity to pay certain sum of money to escape prosecution. The specified offences can be compounded by the competent authority either before or after the initiation of proceedings.
The Copy Of the FAQ is as under:
