Provisional national income estimates show pandemic-driven GDP revision and methodological adjustments affecting fiscal and statistical reporting.
Provisional estimates revise the Second Advance Estimates for 2020-21 by incorporating updated industrial, agriculture, government accounts, GST and other indicators, adopting volume extrapolation for taxes and the commodity flow approach for gross fixed capital formation; pandemic-related data disruptions required alternate indicators and international classification guidance, and the estimates-subject to further revision-show real GDP decline of -7.3 percent, current price GDP down -3.0 percent, and Q4 year-on-year growth of 1.6 percent.

Extension of tax compliance deadlines delays key Income tax filing and statement submission dates to later months.
The Central Government extended multiple Income tax Act compliance deadlines for 2020-21 filings, including SFT and reportable account statements, TDS/TCS statements and Form No.16 issuance, trustee and investment fund filings, return filing due dates for Assessment Year 2021-22, audit reports and transfer pricing accountant reports. Extensions are subject to an exception to the interest provision where post reduction tax liability exceeds a specified threshold, and advance tax paid by certain resident individuals within the original due date will be treated as advance tax.

E-filing portal migration will require temporary shutdown, affecting filing and scheduling of tax hearings by the tax department.
The Income Tax Department will transition to a new e-filing portal with a brief six day unavailability of the existing site for migration, affecting both taxpayers and officers and interrupting electronic filing, notices, responses and final communications; officers are directed to schedule hearings and compliances only after a short buffer post go live, with existing engagements to be preponed or adjourned as needed.

Special Window funding for affordable housing completed first project, enabling completion of stalled developments and relief to homebuyers.
Government intervention through the Special Window for Affordable & Mid-Income Housing (SWAMIH) provided targeted last mile financing to complete stalled residential projects, converting a policy commitment into an operational financing vehicle managed via SBICAP Ventures to bridge trust deficits between developers and homebuyers by ensuring construction completion without reliance on other finance sources.

Sovereign Gold Bonds establish tradable government gold securities with fixed interest and capital gains exemption on redemption.
Sovereign Gold Bonds 2021-22 are government-issued gold-linked securities, issued by the Reserve Bank of India on behalf of the Government, sold through specified banks, SHCIL, designated post offices and recognised stock exchanges, issued as Government of India stock with holding certificates and demat eligibility, priced by the simple average closing price of 999 purity gold published by IBJA with a digital-payment discount, carry an eight-year tenor with exit after the fifth year, allow collateralisation with LTV parity to ordinary gold loans, and provide taxable interest while exempting capital gains on redemption for individuals with indexation for transfers.

Export promotion: exporters urged to use production-linked incentives and Covid helpdesk for trade issue resolution.
Exporters were encouraged to capitalise on announced Production-Linked Incentive schemes to boost competitiveness across priority sectors. They were instructed to use the Department of Commerce Covid helpdesk for pandemic-related disruptions, while the Department pursues outstanding export issues such as RoDTEP, MEIS and the inverted duty structure with the Ministry of Finance for early resolution.

Social infrastructure financing and digital technology integration to bolster health and education delivery and attract private participation.
The seminar focuses on social infrastructure financing and digital technology integration to strengthen post-pandemic health and education delivery, address financing constraints, implement project de risking measures to attract private sector participation, and explore viable financing models and instruments for BRICS countries through panel discussions and thematic sessions.

Untied grants advanced to rural local bodies to bolster pandemic mitigation and operational capacity across Panchayats.
The central government released the first instalment of Untied Grants to Rural Local Bodies across village, block and district Panchayats to augment resources for pandemic prevention and mitigation. The disbursement was advanced ahead of the normal schedule because of the pandemic, state-wise allocations for 25 States are provided, and the usual Finance Commission condition requiring online availability of accounts for a proportion of RLBs has been waived for this instalment.

International project financing secures additional funding for Pune Metro to enable construction of key corridors and procurement of rolling stock.
A finance contract between the Government of India and the European Investment Bank provides an additional tranche of project financing for the Pune Metro Rail project to fund construction and operation of Corridor 1 (North-South) and Corridor 2 (West-East) totaling about 31.25 km and the purchase of related metro cars. Maharashtra Metro Rail Corporation Ltd. is identified as the implementing agency, and the contract forms part of a previously approved multi-tranche loan facility to support delivery of a safe, efficient and low-pollution Mass Rapid Transit System.

Post Devolution Revenue Deficit Grant provided to multiple States to address post devolution revenue gaps under Article 275.
The Central Government released the second monthly installment of the Post Devolution Revenue Deficit Grant-9,871 crore to 17 States-pursuant to the Fifteenth Finance Commission's recommendations under Article 275. This brings the two month total to 19,742 crore of a Commission recommended 1,18,452 crore for 2021 22, to be paid in 12 monthly installments. Eligibility and quantum were determined by the Finance Commission based on assessed gaps between State revenue and expenditure and assessed devolution.

Deadline extensions for tax compliance ease filing and payment obligations to relieve pandemic-related procedural burdens.
Extension of multiple tax compliance deadlines has been granted by the Central Board of Direct Taxes as an administrative relaxation under section 119 of the Income-tax Act. The relief permits deferred filing of appeals to the Commissioner (Appeals), objections to the Dispute Resolution Panel, returns in response to reassessment notices, and allows belated and revised returns for the relevant assessment year to be filed within the extended period. The relaxation also postpones payment and deposit of specified withheld taxes with corresponding challan-cum-statement filing and submission of Form No. 61.

Advance release of State Disaster Response Fund permits states to allocate funds for COVID-19 containment measures.
Advance release of the State Disaster Response Fund central share for 2021-22 was made earlier than the normal schedule and without prior-year utilization certificates; States may apply up to fifty percent of the released central share for specified COVID-19 containment measures, including oxygen facilities, ventilators, ambulance services, COVID-19 hospitals and care centres, testing infrastructure, personal protective equipment, and containment-zone expenses.

Interest-free long-term loans for state capital expenditure continue, with allocations and monetization incentives for funding projects.
The Union Government continued a scheme providing interest-free 50-year loans to States for 2021-22 to finance new and ongoing capital projects and to settle pending bills. The scheme is divided into three parts: targeted allocations for North East and Hill States, proportionate allocations for other States based on tax-share, and incentives for asset monetization and disinvestment that supply additional loan support tied to proceeds realized.

Time limit extensions for tax assessments and Vivad se Vishwas payments extended to relieve taxpayers amid the pandemic.
The central government extended statutory time limits previously prolonged to the end of April, further postponing specified procedural deadlines to the end of June. Covered extensions include time for passing assessment or reassessment orders, complying with Dispute Resolution Panel directions, issuing notices to reopen assessments for escaped income, and issuing intimations for Equalisation Levy processing. The period for payment under the Direct Tax Vivad se Vishwas scheme without additional amounts is also extended. Notifications under the relevant Taxation and Other Laws relaxation framework will be issued to implement these measures.

Direct tax collections exceed revised estimates, with growth in advance tax and higher refunds in provisional figures.
Provisional net Direct Tax collections for 2020-21 exceeded the Revised Estimates, driven by Corporation Tax and Personal Income Tax receipts; gross collections include Advance Tax, TDS, Self Assessment, Regular Assessment, Dividend Distribution Tax and minor heads. Advance Tax showed year on year growth and refunds increased substantially over the prior year. The figures remain provisional pending final collation.

Appeal jurisdiction for non-Income-tax Direct Tax Acts assigned to specified Commissioners of Income-tax (Appeals) regionally.
Approval designates specified Commissioners of Income-tax (Appeals) to exercise jurisdiction over appeals under Direct Tax Acts other than the Income-tax Act, 1961; the Faceless Appeal Scheme notifications apply only to the Income-tax Act and the Board has not directed faceless finalisation for other Direct Tax Acts. Principal Chief Commissioners must notify the designated appellate Commissioners for their regions and forward copies to the Board; the approval is effective from the later of the Scheme's commencement or creation of the relevant post.

Collateral-free microenterprise lending expands access through tiered loans and broad outreach to women and disadvantaged entrepreneurs.
Pradhan Mantri MUDRA Yojana extends collateral-free loans up to Rs. 10 Lakh to non corporate, non farm micro and small enterprises through Member Lending Institutions, using three tiered categories-Shishu, Kishore and Tarun-targeted at income generating activities in manufacturing, trade, services and allied agriculture, with emphasis on Shishu loans to foster new entrepreneurship.

Grant conditionality: tied local body grants subject to environmental and service-level targets and prompt state transfer with interest liability.
The Department of Expenditure released grant-in-aid under the 15th Finance Commission for Rural and Urban Local Bodies. RLBs receive basic (untied) grants for local needs and tied grants for sanitation and drinking-water measures. ULB grants distinguish Million-Plus cities-whose entire grant is tied to ambient air quality, water conservation, and solid waste management with monitoring by designated Ministries-and Non-Million-Plus cities, which receive a mix of basic and tied grants focused on drinking water and solid waste. States must transfer grants to local bodies within ten working days or face interest liability.

Income tax return form notification confirms minimal amendments and retains existing filing categories to ease taxpayer compliance.
Notification of updated Income Tax Return forms implements a regulatory update with minimal substantive change: ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) remain simplified options for small and medium taxpayers, while other ITRs continue to align by taxpayer type and income source; there is no change in the filing procedure and only necessary adjustments were made due to statutory amendments and pandemic facilitation.

Ease of Doing Business: integrated SPICe+ and regulatory reforms drove increased company and LLP incorporations.
MCA recorded significant year on year increases in company and LLP incorporations in FY 2020-21 and maintained CRC operations during lockdowns. The SPICe+ form (launched Feb 2020) integrated ten registration services-name reservation, company incorporation, DIN, EPFO, ESIC, PAN, TAN, selected state profession tax, bank account facilitation and optional GSTN-to streamline startups. The MCA also revised the Small Company definition, waived incorporation fees up to certain authorised capital, incentivised One Person Companies and de criminalised technical procedural violations to advance Ease of Doing Business.