Fineprint Vol.4 2021

The pandemic has taken a lethal surge in India and has put an enormous strain on the health infrastructure with shortages of essential supplies, disrupting normal life and even causing the death of various individuals. In the area of direct taxes, the CBDT has inserted a new sub-rule under rule 6G which allows revision of Tax Audit report before end of assessment year if there is recalculation of disallowances under Section 40 and 43B. CBDT has also extended few compliance dates due to COVID -19. GST collections in April were at all-time high amounting to INR 1.4 Lakh crores. Certain GST related compliance relaxations have been introduced due to COVID-19.