Sep 17 (IANS) Aiming decriminalisation of offences, the Central Board of Direct Taxes (CBDT) on Saturday issued revised guidelines for compounding of offences under the Income Tax Act, 1961 with reference to various offences covered under its prosecution provisions. Some of the major changes made for the benefit of taxpayers include making the offence punishable under Section 276 of the Act ...

The Income Tax department is scanning all the transactions at hospitals wherre the bills are paid in cash as it violates banking protocol and amounts to tax evasion. The I-T sleuths have decided to monitor cash transactions at hospitals, banquet halls and businesses in a recent move to prevent tax evasion. As per the rule, any cash transaction above Rs. ...