Electronic filing mandate allows specified tax forms to be furnished electronically using digital signature or electronic verification.
The Income-tax Rules, 1962 are amended to omit specified rules and Appendix II forms while preserving existing proceedings and instruments under a savings clause. The Principal Director General/Director General of Income-tax (Systems), with Board approval, may require specified Appendix II forms, returns, statements, reports and orders to be furnished electronically either under digital signature or via electronic verification code, and must define the list, data structure, submission and verification procedures, format adaptations and security, archival and retrieval policies for such electronic filings.

Return of Income rule wording amended to reference section 148 and update year reference in rules
These rules, titled the Income-tax (20th Amendment) Rules, 2021, amend Rule 12 of the Income-tax Rules, 1962 by substituting in Rule 12(1) the phrase referencing a specific subsection with a reference to section 148, and by updating the year reference in Rule 12(5) from 2019 to 2020; they come into force on publication in the Official Gazette and are issued under sections 139 and 148 read with section 295 of the Income-tax Act, 1961.

Competent Authority jurisdiction allocated for enforcement under Prohibition of Benami Property Transactions Act, expanding regional authority roles.
Four regional Competent Authorities (Kolkata, Chennai, New Delhi, Mumbai) are allocated jurisdiction for enforcement under the Prohibition of Benami Property Transactions Act, 1988 (as amended), with specified Income Tax Authority headquarters lists for each region; territorial area-wise jurisdiction of Income Tax Authorities follows the cited CBDT notification, and these functions are additional to existing duties under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976.

Income-tax exemption under section 10(46) for notified society: grant and interest exempt subject to compliance and reporting.
The Central Government notifies Himachal Pradesh Computerization of Police Society as a notified body under section 10(46) for specified income comprising grant in aid and interest on such grants, subject to conditions: no commercial activity, unchanged activities and income nature, filing returns under clause (g) of section 139(4C), and filing an audit report with a chartered accountant's certificate. The notification is effective for the financial years 2018 2019 through 2022 2023 as specified.

Tax exemption notification: specified welfare-board income exempted subject to non commercial status and filing and audit conditions.
Notification under clause (46) of section 10 designates the Haryana Labour Welfare Board's specified income-contributions to the Labour Welfare Fund, unpaid accumulations, fines for delayed deposits, interest on staff loans and on investments-as exempt, subject to conditions: no commercial activity; unchanged activities and income nature during the covered years; filing the return of income as required by law; and filing an audited report with a chartered accountant's certificate confirming compliance. The notification is deemed applicable to financial years 2020-2021 through 2024-2025.

Section 35 approval for research association: trust granted scientific research deduction eligibility effective for specified assessment years.
Approval is granted to M/s Patanjali Research Foundation Trust, Haridwar as a Research Association for Scientific Research under the statutory scheme permitting recognition of entities performing scientific research to enable tax treatment for qualifying research expenditure. The notification takes effect from publication, applies retrospectively to the prior year, and specifies applicability for the stated range of assessment years; the memorandum records no adverse effect from retrospective application.

Tax exemption notification: specified income of Haryana Building and Other Construction Workers Welfare Board exempted subject to compliance conditions.
Notification under clause (46) of section 10 notifies the Haryana Building and Other Construction Workers Welfare Board as recipient of tax-exempt specified income: registration fees and yearly subscriptions from registered construction workers, proceeds of cess under the Building & Other Construction Workers Welfare Cess Act, and interest income. The exemption is subject to conditions that the Board shall not engage in commercial activity, shall maintain unchanged activities and income nature across financial years, shall file returns under clause (g) of sub-section (4C) of section 139, and shall file an audit report with a chartered accountant's certificate as provided in the explanation to section 288(2).

Computation of short term capital gains clarified where depreciation was claimed on goodwill; excess reduction treated as short term gains.
Written down value of an intangible asset block and short term capital gains for the previous year relevant to the assessment year commencing April 1, 2021 shall be determined where depreciation on goodwill was obtained. If the reduction under sub-item (B) of item (ii) of sub-clause (c) of clause (6) of section 43 for that previous year exceeds the beginning written down value (without that reduction) plus actual cost of intangible assets other than goodwill acquired during that year, such excess shall be deemed short-term capital gains.

Attribution of capital gains: rules allocate income under transfer provisions to retained assets and require valuation based allocation and electronic reporting.
Rules require attribution of amounts charged as income under subsection (4) of section 45 to retained capital assets for clause (iii) of section 48, treating amounts tied to short-term assets, blocks of assets, or self-generated assets/goodwill as short-term capital proceeds and amounts tied to other long-term retained assets as long-term. If excess consideration stems from revaluation or valuation supported by a registered valuer, allocation among retained assets must follow the proportionate increase in value; absent such valuation-related cause, or where the excess relates only to transferred assets, no attribution to retained assets is made. The specified entity must file prescribed electronic details and verification, and system authorities will set filing and security protocols.

Vivad se Vishwas deadline extensions extend filing and payment timelines for scheme participation and claims.
Amendments to the notification under the Direct Tax Vivad se Vishwas Act, 2020 substitute later deadlines in clauses (b) and (c) of the earlier notification and insert a new clause (d) fixing the last date under clause (l) of sub section (1) of section 2 of the Act; the notification comes into force upon publication in the Official Gazette.

Time-limit extensions for income-tax compliance extended to September deadline under the relief act, covering assessments, penalties and Aadhaar intimations.
Extensions under the relief Act further postpone income tax assessment and reassessment time limits to the end of September; extend the period for imposition of penalties with specified end dates; extend the deadline for Aadhaar intimation to the prescribed authority to the end of September; and extend to the end of September the time limit for sending certain intimations under the Finance Act chapter concerned, thereby modifying earlier notifications.

Specified Person status verification enables withholding agents to identify higher TDS/TCS applicability via a PAN-based compliance check.
Compliance verification for higher withholding under Section 206AB and Section 206CCA is provided via a portal-based "Compliance Check" that identifies "Specified Persons"-those who have not filed returns for the two relevant assessment years and meet specified TDS/TCS thresholds, excluding certain non-residents. Registered tax deductors/collectors use TAN-based registration and a principal officer to access PAN Search and Bulk Search modes, which return masked identifying data, PAN-Aadhaar link status and the determined "Specified Person" status with relevant timestamps.

Cost Inflation Index updated to reflect new index entry, affecting capital gains indexation and future assessment years.
Amendment inserts a new entry in the schedule for the Cost Inflation Index, adding the financial year 2021-2022 with a specified index value, thereby extending the statutory indexation schedule used to compute indexed cost of acquisition for capital gains. The amendment is effective from 1 April 2022 and applies to the assessment year commencing thereafter and subsequent assessment years.

Tax exemption notification for Competition Commission's specified income permits exemption subject to non commerciality and compliance filing requirements.
The Central Government notifies Competition Commission of India as entitled to exempt specified income comprising Government grants, fees under the Competition Act and interest thereon, subject to conditions: no commercial activity; unchanged activities and income nature across the notified financial years; filing income-tax returns as required by clause (g) of the relevant provision of section 139; and submission of an audit report with a chartered accountant's certificate confirming compliance with these conditions.

Income tax rules amended to expand TDS/TCS reporting and require particulars where tax is not deducted or is reduced.
The Income tax (17th Amendment) Rules, 2021 amend rule 31A and various Annexures and Forms (26A, 26Q, 27EQ, 27Q) to require furnishing particulars where tax was not deducted or was deducted at a lower rate due to specified notifications, provisos or exemptions (including under sections 194A, second proviso to 194, proviso to sub section (1A) or sub section (2) of 196D, and sub section (5) of 194Q effective 1 July 2021), and to expand referenced sections and reporting fields to include newly applicable withholding/collection provisions and codes such as 194Q, 206AA, 206AB and 206CCA.

Research approval under section 35 extends tax-deduction eligibility to IIT Bhilai applied retrospectively across specified assessment years.
Central Government approves M/s Indian Institute of Technology, Bhilai under the category of University, College or other institution for Scientific Research and Research in Social Science and Statistical Research for purposes of clauses (ii) and (iii) of sub section (1) of section 35 of the Income tax Act, 1961 read with rules 5C and 5E, effective from assessment year 2021 2022 and applying through assessment years 2022 2023 to 2025 2026.

Nodal officer designation for intelligence sharing enables state police access to NATGRID platform for inter-agency data exchange
Central Government designates specific nodal officers within listed State Police Agencies to facilitate sharing of information through the NATGRID platform as authorised points of contact for inter-agency data requests. The notification names the senior police posts for Assam (Additional Director General of Police, STF), Chhattisgarh (Additional Inspector General, Intelligence), Punjab (Inspector General, Counter Intelligence), Uttar Pradesh (Additional Director General of Police, Law & Order), West Bengal (Inspector General, CID), and Delhi (Joint Commissioner of Police, Crime).

Fair market value for slump sale is the higher of asset based or consideration based computations under new Rule 11UAE.
Rule 11UAE prescribes FMV for slump sale under section 50B as the higher of FMV1 and FMV2. FMV1 equals A+B+C+D minus L where A is book value of specified assets reduced by certain tax and non-asset amounts, B is valuer-based market price for jewellery and artistic work, C is FMV of shares and securities as per rule 11UA(1), D is stamp-duty value of immovable property and L excludes specified capital, reserves, dividend provisions, certain tax provisions and contingent/unascertained liabilities. FMV2 equals E+F+G+H capturing monetary and non-monetary consideration components with valuation date as the date of slump sale.

Option under section 245M: online upload of Form 34BB notifies withdrawal and constitutes submission to the Assessing Officer.
Procedure prescribes a two-step process to exercise the option under sub-section (1) of section 245M: (1) furnish basic details via the NIC form by the specified date so that a system-generated intimation is issued requiring upload, and (2) upload a scanned, signed printout of Form No. 34BB on the Department's e Filing portal (PDF, 300 DPI) within the statutory date; the date of upload is treated as the date of withdrawal and online submission constitutes submission to the Assessing Officer.

Specified pension fund designation: Indo Infra Inc eligible for tax exemption on qualifying Indian investments subject to compliance.
Central Government designates Indo Infra Inc. as the specified person under clause (23FE) of section 10 for eligible investments in India until the 31st day of March, 2030, conditional on filing returns with a compliance certificate, quarterly investment intimations, segmented accounting for exempt investments, continued Canadian regulatory status, asset use restrictions to serve beneficiaries only, prohibition on borrowings for investment in India, and non participation in investee day to day operations except for protective monitoring rights.