India's Central Board of Direct Taxes has announced the issuance of Revised Guidelines for Compounding of Offences under the Income Tax Act 1961. Compounding of an offence basically means that both parties (the taxpayer and the tax authority) reach a compromise in a case and avoid criminal prosecution.
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CBDT issues Revised Guidelines for compounding of offences under the Incometax Act, 1961
In conformity with the Government's policy of facilitating Ease of Doing Business and decrimin…