Tax New Rules: CBDT Issues New Rules for Income Tax

The Central Board of Direct Taxes (CBDT) has given new guidelines regarding regularization or process of payment by paying some fines or fees in cases of default or disturbance in filling income tax, from which money lendings, terror financing, corruption, unknown property. In serious cases such as possessing assets and possessing undeclared assets overseas, relief for income tax theft for a person Area have closed all the doors.

These guidelines have come into effect from Monday. The policy making body of the tax department has issued revised guidelines for 32 pages regarding the 'Disposal of cases under the direct tax laws' -2019′. The implementation of these guidelines will be done under the Income Tax Act -1961.

It has been clarified in the new guidelines that there is no case of settlement 'rights' by paying fines in case of tax evasion. The department can restrict such relief to some cases. It will be seen how big the crime is for the person's behavior. In addition, the facts and circumstances of each case will also be considered.

Compounding in the perspective of income tax means that the tax authorities will not file prosecution after paying the surplus tax and paying the surcharge. Such cases are settled under section 279 (2).

The latest guidelines say that if any person is found to be involved in anti-national or terrorist activities in any manner, or the person concerned under the Prevention of Money Laundering Act, under the Prevention of Corruption Act, CBI, Lokpal or Lokayukta or any other central and state If the agency is in the vicinity of the police investigation, then in case of income tax theft, pay the penalty, fees etc. Sector will not relief.