CBDT Relaxes time for compounding of income tax offences.

The Central Board of Direct Taxes(CBDT) vide its Notification dated 3rd January 2020 has extended the last date for taxpayers to avail a one-time facility to apply for compounding of offences under Income Tax Act to 31st January 2020.

CBDT in its earlier notification dated 9th September 2019 has conditioned that the filing of application for compounding offences under IT Act to be filed within 12 months from filing of complaint in the court, later the time limit was  relaxed till 31st December 2019 as a one-time measure .

However the decision to extend the last date was taken in view of references received from field formations including requests made by ICAI chapters wherein it was brought to the notice of the CBDT that the taxpayers could not avail the benefit of the one-time relaxation window due to genuine hardships.

Click here to read the Notification.

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