Offences u/s 276B and Compounding
By CA Puja Borar and Vivek Sethia
Section 276B of the Income Tax Act, 1961 deals with the failure to pay tax to the credit of the government and punishment under the said provision carries a rigorous imprisonment varying from three months to seven years of jail along with fine. But if there is no reasonable cause for such failure, then the application for compounding may be made. The Article seeks to discuss all the key aspects in relation to compounding of such offense.