The new guidelines kicked in from this Monday and applies to all cases for compounding received on or after June 17
The revised guidelines issued by the Income Tax Department have made serious offences under black money and benami laws 'generally' non-compoundable
Some people said they want the new finance minister to further increase the basic exemption limit from Rs 2.50 lakh to Rs 5 lakh. A few others want the government to increase income tax deduction under Section 80C of the Income Tax Act.
The number of tax deduction limits have been increased under income tax rules that will be effective from the financial year 2019-20 or (the accounting year 2020-21). The low and middle-income group will be the biggest beneficiaries of the new tax rules.