SIT proposal: Compound offences for black money holders

News:

• The Special Investigation Team (SIT) probing black money has approved compounding of offences under the Income-Tax Act for Indians holding accounts in foreign banks, many of whom are facing prosecution for tax evasion and concealment of income.
• This facility would be extended to foreign account holders who have fully complied, which means they have cooperated with the authorities and paid taxes.
• CBDT will soon issue a notification allowing compounding of offences under Section 119 of the Income-Tax Act. Owners or beneficiaries of foreign accounts, who have fully or partially complied, can then pay a fine to close the case.

Source: ET