Business

New Income Tax Rules in effect from today. Tax evaders can't just get away by paying penalty

The Central Board of Direct Taxes (CBDT) issued revised guidelines on 'Compounding of offences under the direct tax laws' on late Friday. 

The revised guidelines on 'Compounding of offences under the direct tax laws' have come into effect from today. The rules were issued by the Central Board of Direct Taxes (CBDT) late on Friday and aim at tightening the screw on tax evaders. The new rules have also made serious offences under black money and benami laws "generally" non-compoundable.

To put simply, a person or entity will not be able to settle a case of tax evasion by just paying the tax demand, penalty and interest. 

Taxpayers such as those who stash their black money abroad will no longer be able to compound their offences, which is a process of paying a stiff compounding fee in lieu of prosecution.The new guidelines by the CBDT will be applicable to all cases for compounding received on or after this date (June 17, 2019). 

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