Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty. CBDT further extends the time for Linking PAN with Aadhaar till 30th June, 2018.

Compounding fee to be computed on basis of tax sought to be evaded and not income sought to be evaded: HC

In terms of section 276C(1), compounding fee has to be computed on basis of 100 per cent of tax sought to be evaded by assessee and not amount of income sought to be evaded

Refer:[2018] 99 taxmann.com 300 (Gujarat)

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