Circular -- CBDT issued annual salary circular for Income-tax deduction (TDS) from salaries during the financial year 2024-25 under section 192 of the Income-tax Act, 1961
Circular No. 3/2025 dated 20.02.2025
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Showing posts from February, 2025
Case Law -- If the alleged offence committed by the appellant u/s 276CC of the Act for the AY 2013-14 is “first offence” as defined under the 2014 guidelines the compounding application preferred by the appellant could not have been rejected by Department. On going through the indication from 2019 and 2014 guidelines, there is a clear shift in the policy of the Department when it comes to the compounding of offences u/s 276CC in particular and in making the compounding regime more flexible and liberal in particular.
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VINUBHAI MOHANLAL DOBARIA v. CHIEF CIT [2025 INSC 155] dated 07.02.2025 Issue - Compounding of offence Holding "As we have discussed in the preceding parts of this judgment, Paragraph 4 of the 2014 guidelines specifies that compounding is not a matter of right of the assessee and the competent authority may allow the compounding application upon being satisfied that the applicant fulfills the eligibility conditions and keeping in mind the conduct of the applicant, nature and magnitude of the offence and the facts and circumstances of each case. Further, Paragraph 7 of the guidelines prescribes the eligibility conditions and Paragraph 8 provides those cases which are generally not to be compounded. Paragraph 9 carves out an exception and empowers the Minister of Finance to relax the conditions laid down in Paragraph 8 of the 2014 guidelines and allow compounding in a deserving case. 79. A plain reading of the 2014 guidelines reveals that while it is mandatory that the eligibil...