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CBDT has issued Income-tax (14th Amendment) Rules, 2014 inserting Rule 11 – OB which prescribes broad guidelines. The assessee can apply for notification of the Unit in Form no. 3CS (notified). The Rule also prescribes the conditions under which the notification of the unit can be withdrawn.
CBDT has created a Standard Operating Procedure for TDS credit Mechanism – copy of the same is available on www.bcasonline.org
CBDT has issued a letter prescribing guidelines for Compounding of offences under Direct tax laws 2014 – F.No. 285/35/2013/IT/(Inv.V)/dated 23rd December 2014 – copy of the same is available on www.bcasonline.org
With effect from 01-01-2015, all applications received for compounding of offences would be governed by these guidelines. The offences have been classified into two categories and criteria for compounding of offences for each category, procedure for making application and how they would be dealt with have been prescribed in detail.
