Excl: Govt likely to decriminalise minor I-T offences in 100 days
In a first, the Centre is likely to fulfil a long standing demand of the industry to decriminalise minor income tax offences to prevent prosecution and replace it with penalty, with the aim to boost ease of doing business, a senior government official said.
“In 100 days, the government will promote ease of doing business. The Centre is looking at decriminalising some provisions in the Income Tax Act. Threshold will be decided for minor offences for decriminalisation. For some minor offences, a penalty will be acceptable to end prosecution,” the official told Moneycontrol.
The provisions of tax laws have not been decriminalised so far. For income tax offences, the government’s long stand till now has been prosecution. “There will be decriminalisation of some rules relating to income tax offences. Government is looking at compounding the offences so that there is no prosecution for minor offences, only penalty,” he said.
