Condonation of delay in filing Form 10-IC under section 119(2)(b): allowed where return timely filed and 115BAA option indicated.
Delay in filing Form 10-IC for the previous year relevant to A.Y. 2020-21 is condoned under section 119(2)(b) where: the return of income for A.Y. 2020-21 was filed on or before the due date under section 139(1); the assessee company opted for taxation under the concessional regime in item (e) of "Filing Status" in "Part A-GEN" of ITR-6; and Form 10-IC is filed electronically on or before 30.06.2022 or three months from the end of the month of issue of the circular, whichever is later.

Relaxation of e filing requirement permits physical filing of Form No.3CF until electronic facility becomes available.
The CBDT, invoking its administrative power under section 119(1), temporarily permits applicants seeking approvals under section 35(1)(ii)/(iia)/(iii) to file applications in Form No.3CF physically from the date of the circular until the earlier of the stated calendar cutoff or the date Form No.3CF becomes available for electronic filing on the e filing portal, addressing difficulties arising from Rules 5C(1A) and 5F(2)(aa) of the Income tax Rules.

Salary TDS compliance under section 192: rates, perquisites, exemptions, deductions, and filing duties for employers.
Income-tax deduction at source from salaries for financial year 2021-22 is to be made under section 192 on estimated salary income at the average rate for the year, after considering exemptions, deductions and relief. The circular explains salary, perquisites and profits in lieu of salary, the concessional tax regime under section 115BAC, the treatment of salary from more than one employer, arrears or advance salary, and the obligation to furnish particulars of perquisites and supporting evidence. It also sets out the applicable tax rates, surcharge, cess, TDS deposit, statement filing, Form 16 and Form 12BA requirements, and the principal Chapter VI-A deductions available to employees.

Faceless Penalty Scheme scope narrowed: technical pendency failures and no PAN cases excluded from faceless penalty assignment.
The order excludes from the Faceless Penalty Scheme penalty proceedings where pendency could not be created on ITBA due to technical reasons and penalty proceedings in cases without a PAN. It further directs that prior para 3 directions continue to apply to penalties imposable under Chapter XXI, subject to these exclusions, and states that the order takes immediate effect.

Most favoured nation clause: import of concessional treaty treatment requires OECD membership at signing and domestic notification.
The MFN clause permits importing a lower rate or restricted source taxation scope from a later India-third State treaty into an earlier India-OECD State treaty only if the third State was an OECD member when India concluded the later treaty, the later treaty was concluded after signature/entry into force of the earlier treaty as required by the MFN wording, India limited its taxing rights in the later treaty for the relevant income items, and India issues the required domestic notification implementing the treaty benefit; unilateral foreign decrees lacking bilateral consultation are not binding on India.

U.S. TIN reporting: RFIs must supply TINs or use specified placeholder codes; errors permit a corrective period.
RFIs must report the U.S. TIN for all U.S. reportable accounts; if a TIN has not been obtained RFIs may populate the TIN field with specified FAQ 6 placeholder codes in defined scenarios, and if none apply they should use nine times A or zero. Entries using these codes will generate an IRS error notification and provide a corrective period to supply the TIN; absent provision of the TIN within that period the U.S. will evaluate facts and circumstances to determine significant non compliance. RFIs should apply this guidance and amend Form 61B for 2020 where applicable.

Interim Board for Settlement offices established, creating regional IBS structures with specified administrative controls and staffing.
Establishes offices to operationalise Interim Boards for Settlement by specifying seven regional IBS units with headquarters, member composition including Members, Secretary, DIT(Investigation) and Additional DIT(Investigation). Secretary posts are placed under the administrative control of the senior-most Member of the designated IBS and will attend to administrative work for multiple IBS units as specified. Ministerial staff, executives or consultants may be provided by the jurisdictional Principal Chief Commissioner of Income-tax in consultation with the Board. The order is effective from the commencement date stated in the instrument.

ULIP exemption rule limits tax-exempt proceeds where annual or aggregate premiums exceed the prescribed threshold.
The Finance Act, 2021 added provisos to clause (10D) of section 10 restricting exemption for sums from ULIPs issued on or after 01.02.2021 where the annual premium for any year, or the aggregate premium across multiple eligible ULIPs (including previously exempt "old ULIPs" where claimed), exceeds a prescribed threshold; death proceeds remain exempt. The Board's guidelines explain operational rules for testing single and multiple ULIPs against the aggregate premium constraint and illustrate application by examples covering pre- and post-amendment policies, surrender and maturity receipts, and taxpayer selection of policies for exemption.

Extension of filing deadlines for income-tax returns and audit reports, with clarified exceptions for high-tax cases.
The tax administration further extends due dates for furnishing a Report of Audit, a Report from an Accountant for international or specified domestic transactions, and the Return of Income for Assessment Year 2021-22 to later specified dates. The extension is subject to two clarifications: it does not apply to the late-filing interest provision where residual tax exceeds a specified threshold, and advance tax paid by resident individuals within the original statutory due date will be treated as advance tax despite the extensions.