New income tax rules comes into force, can’t escape just by paying penalty

Agencies
June 17, 2019

New Delhi, Jun 17: Tightening the screw on tax evaders, the revised guidelines issued by the Income Tax (I-T) Department have made serious offences under black money and benami laws "generally" non-compoundable.

This means that a person or entity would not be able to settle a case of tax evasion by just paying the tax demand, penalty and interest.

The new guidelines will kick in from June 17, 2019 and apply to all cases for compounding received on or after this date.

Listing 13 cases, where the offences are not to be generally compounded, and also grouping the offences in two parts, the Central Board of Direct Taxes (CBDT) has directed its senior officers to circulate the revised guidelines for compliance by concerned authorities.

Offences forming category 'A' include failure to pay tax deducted at source under Chapter XVII-B or tax payable under Section 115-0. Failure to pay the tax collected at source also falls under this category.

The category 'B' offences include willful attempt to evade tax, failure to produce accounts and documents, and false statement in verification.

While the first category offences are open to compounding, offences such as willful evasion of tax and removal or concealment or transfer or delivery of property to thwart tax recovery in a search operation are not to be compounded.

"Offences under Sections 275A, 275B and 276 of the Act will not be compounded," said the new guideline that supersedes the one issued in 2014.

The guidelines state that a category 'A' offence on more than three occasions would not be generally compounded.

Any offence which has bearing on any offence under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 would not be generally compounded, the revised guidelines said.

Further, any offence which has bearing on any offence under the Benami Transactions (Prohibition) Act, 1988 would not merit compounding by tax authorities.

The CBDT guidelines said that offences committed by a person which, as per the information available with the Principal Chief Commissioner of Income Tax and other officials concerned, have a bearing on a case under investigation (at any stage including enquiry, filing of FIR/complaint) by the Enforcement Directorate, CBI, Lokpal, Lokayukta or any other Central or state agency are also not to be normally compounded.

"Notwithstanding anything contained in these guidelines, the Finance Minister may relax restrictions in Para 8.1 for compounding of an offence in a deserving case, on consideration of a report from the Board on the petition of an applicant," said the tax body.

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Media Release
January 12,2021

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Mangaluru: We need to know the insights of life and education for their best utilisation. Only awakened man can move from inhumanity towards, humanity and divinity, said, Chennai Ramakrishna Math ‘Vedanta Kesari’ Monthly Editor Swami Mahamedanandaji. 

He addressed after inaugurating the ‘National Youth Day’ jointly organized by the Mangalore University, and Ramakrishna Math, Mangaluru, at Mangala Auditorium of the university on Tuesday, on the occasion of 159th birth anniversary of Swami Vivekananda. “Education channelising our will power, it is a nervous association of ideas, and assimilation of ideas. Man-making education is nation building through self-education,” he added. 

Ramakrishna Math Adhyaksha Swami Jitakamanandaji Maharaj defined Swami Vivekananda as the symbol of self- confidence and power of youth. Mangalore MLA U T Khader hailed Mangalore University for inaugurating Swamy Vivekananda Study Centre which can be a model for other institutes. Former MLC Capt. Ganesh Karnik opined that education should help to attain conscientiousness. 

Presiding over the function, Mangalore University Vice Chancellor Prof. P Subrahmanya Yadapadithaya said that we are the creators of our destiny. For success we need the knowledge of outer world and inner-self. Mangalore University Syndicate Member Vivekananda Paniyala explained the objectives of the study centre.

Mangalore University Registrar K Raju Mogaveera was present among others. Registrar (Evaluation) Prof. P L Dharma welcomed the guests. Sri Ranjan Bellarpadi of Ramakrishna Math extended vote of thanks. Dr. Preethi Keerthi D’Souza and Akshaya Hegde mastered the ceremony.

Study Centre inaugurated 

As a part of the program, Mangaluru Ramakrishna Math Adyaksha Swami Jitakamanandaji inaugurated the Swamy Vivekananda Study Centre with a floral tribute to Vivekananda idol at Yakshagana Adhyayana Kendra building of Mangalore University. Meanwhile, Swamiji handed over around 400 books worth Rs. 30,000 to the study centre.

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News Network
January 9,2021

Bengaluru, Jan 9: Prime Minister Narendra Modi will virtually inaugurate two vaccine sites in Karnataka, Minister for Health and Medical Education Dr K Sudhakar informed here on Saturday.

Dr Sudhakar, however, did not reveal the names of the hospitals and the date and time of the inauguration.

Speaking to newsmen here, he said "We have already got the voucher for the Covid vaccine. The PM will be inaugurating 5,000 vaccination sites at a time virtually across the country.

In Karnataka, a total of 235 vaccination sites have been identified, out of which two sites will be inaugurated by the PM. One is a hospital in Bengaluru and another hospital in Hubballi," Sudhakar said.

"A video conference between the PM and the Chief Ministers will be held at 4 pm on Monday and announce the date of vaccination sites," he added.

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News Network
January 11,2021

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Bengaluru, Jun 11: An all-women cockpit crew operating Air India's inaugural San Francisco-Bengaluru flight arrived in Karnataka's capital after flying over the North Pole and covering a distance of about 16,000 kilometres.

The flight number AI176 left San Francisco on Saturday at 8.30 PM (local time) and arrived in Bengaluru at 3.45 AM on Monday, according to Air India sources.

Flying over the North Pole, this is also, arguably, the second-longest route in the world for a commercial flight. The landmark flight spanned a distance of 13,993 kms, linking two tech hubs located diametrically at opposite ends of the world with a time zone change of about 13.5 hours.

Commanded by Capt Zoya Aggarwal, the Boeing 777-200LR aircraft also had in the cockpit Capt Papagiri Thanmai, Capt Akansha Sonaware and Capt Shivani Manhas. Captain Zoya has a flying experience of over 8,000 hours and has over 10 years of experience commanding a B-777 aircraft.

A huge posse of mediapersons gathered at the Bengaluru Airport as the four pilots emerged out of the arrival terminal, welcomed with a huge round of applause. The beaming foursome showed no signs of any jetlag as they proudly proclaimed their arrival with a thumbs up.

“It has been a great experience. Today, we successfully completed one of the longest flights as an all-women team, a dream realised to connect the world’s two Silicon Valleys. We have turned a new chapter in aviation history,” remarked Capt Zoya.

Union Minister for Civil Aviation, Hardeep Singh Puri tweeted, "Way to go girls! Professional, qualified & confident, the all women cockpit crew takes off from San Francisco to Bengaluru on @airindiain's flight to fly over the North Pole. Our Nari Shakti achieves a historic first."

Air India too expressed its elation when it tweeted, "Imagine this : -All Women Cockpit Crew. -Longest flight into India. -Crossing the North Pole It's here & happening! Records broken. History in the making by AI176 from @flySFO to @BLRAirport. AI 176 is cruising at 30000 feet." 

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