The circular settles confusion between CPC Bengaluru and Commissioners on delay condonation powers. It confirms Commissioners as the competent authority under section 12A.
The issue involved failure to file annual returns within the prescribed time. The authority imposed penalties and emphasized strict compliance with statutory filing obligations.
High-risk cases involving benami transactions, foreign assets, and TDS defaults have been identified for verification and investigation under various tax laws.
The department has identified high-risk cases across multiple assessment years and enabled reassessment action through the Insight portal.
The department has identified high-risk cases through its Insight Portal for AYs 2022-25. It directs officers to initiate reassessment proceedings based on risk analysis, emphasizing data-driven scrutiny.
The circular allows PoPs to engage new categories like professionals, fintechs, and rural agents as Pension Agents. The key takeaway is expanded outreach with strict compliance responsibility on PoPs.
The issue involved holding two DINs in violation of law. The authority imposed penalty considering the extended duration of default despite eventual rectification.
The case involved holding two DINs for 1462 days in violation of statutory provisions. The authority imposed a reduced penalty considering mitigating circumstances.
The director voluntarily disclosed the violation and surrendered the duplicate DIN. The authority reduced the penalty to 25% of the maximum due to non-repetitive default. This highlights the benefit of proactive compliance.
Even though the duplicate DIN was surrendered, the violation period attracted penalty. The ruling clarifies that rectification does not eliminate liability for past default. Timely compliance is essential.
