By Pramod Prabhudesai | Rutvik Sanghvi | Sonalee Godbole | Vinayak Pai V.
Chartered Accountants
DIRECT TAX1. Deduction of tax at source from Salaries u/s 192 during F.Y. 2021-22: The Ministry of Finance has issued a Circular that contains the rates of deduction of Income-tax from the payment of income chargeable under the head ‘Salaries’ during F.Y. 2021-22 and explains certain related provisions of the Act and Income-tax Rules. [Circular No. 4/2022, dated 15th March, 2022.]
2. Relaxation from the requirement of electronic filing of application in Form No.3CF for seeking approval u/s 35(1)(ii)/(iia)/(iii): Due to the difficulties faced in electronic filing of Form No.3CF, CBDT has permitted filing of physical Form No. 3CF till 30th September, 2022 or till the date of availability of Form No. 3CF for electronic filing on the e-filing website, whichever is earlier. [Circular No. 5/2022, dated 16th March, 2022.]
3. Condonation of delay u/s 119(2)(b) in filing of Form 10-IC for A.Y. 2020-21: As per section 115 BAA r.w. Rule 21 AE, a company is required to submit Form 10-IC electronically on or before the due date of filing of return of income to avail concessional rate of tax of 22%. Many assesses could not file Form 10-IC along with the return of income for A.Y. 2020-21, which was the first year of filing of this form. The delay in filing of Form 10-IC relevant to A.Y. 2020-21 is condoned on fulfilment of certain conditions. Form 10-IC can be filed electronically on or before 30th June, 2022 or 3 mo
