asst.years 2020-21 and 2021-22

PAGE
Abbreviations I-9
1 Extension of time-limit

S1. Extension of certain time-limits 1
S1.1 No relief from levy of interest under section 234A if self-assessment tax exceeds Rs. 1 lakh 5
S1.2 Tax paid up to July 31, 2020 to be treated as advance tax in the case of senior citizens 5
S2. Extension pertaining to payment of tax [Secs. 3(2) and 5 of the Relaxation and Amendment Act] 5
S2.1 Payment of tax under Specified Acts 6
S2.2 Payment of tax under VsV Act 6
2 TDS and TCS Rates

S3. TDS/TCS rates 9
S3.1 No relief if deductee/collectee does not furnish PAN 12
3 Residential Status

S4. Residential Status [Sec. 6] 13
S4.1 Indian citizen/person of Indian origin visiting India [Expln. 1(b) to sec. 6(1) and sec. 6(6)(c)] 13
S4.2 Deemed resident [Sec. 6(1A)] 14
4 Registration for entities covered by sections 10(23C), 11, 35 and 80G

S5. New procedure of registration for entities covered by sections 10(23C),
11, 35 and 80G 15
S5.1 Amendments pertaining to registration procedure 15
I-5
Contents I-6
PAGE
S5.2 Amendments pertaining to statement of donation/certificate of donation 18
5 New faceless proceedings regime

S6. Faceless assessment proceedings 19
S6.1 Reference to Transfer Pricing Officer [Sec. 92CA(8)] 19
S6.2 Faceless jurisdiction of Income-tax authorities [Sec. 130] 19
S6.3 Faceless collection of information [Sec. 135A] 20
S6.4 Provision regulating faceless inquiry or valuation [Sec. 142B] 20
S6.5 Faceless assessment [Sec. 144B] 21
S6.6 Dispute Resolution Panel [Sec. 144C] 27
S6.7 Faceless income escaping assessment [Sec. 151A] 27
S6.8 Faceless rectification, amendments and issuance of notice or intimation [Sec. 157A] 27
S6.9 Faceless collection and recovery of tax [Sec. 231] 28
S6.10 Faceless revision of orders [Sec. 264A] 29
S6.11 Faceless effect of orders [Sec. 264B] 29
S6.12 Faceless prosecutions [Sec. 279] 29
S6.13 Faceless approval or registration [Sec. 293D] 30
S7. Faceless Appeal Scheme, 2020 30
S7.1 Faceless Appeal Centres 30
S7.2 Procedure in appeal 31
S7.3 Non-faceless appeal regime - In a few cases 35
6 Guidelines for TDS under section 194-O and TCS under section 206C(1H)

S8. Tax deduction under section 194-O on payment by e-commerce operator
to e-commerce participants 36
S9. Tax collection at source under section 206C(1H) by seller of goods 37
S10. Clarification given by the Board in Circular No. 17/2020 38
S10.1 Transactions carried out through various Exchanges 38
S10.2 Applicability on payment gateway 38
S10.3 Applicability of on insurance agent/insurance aggregator 38
S10.4 Mode of computation of threshold for the financial year 2020-21 in
the case of section 194-O 39
S10.5 Mode of computation of threshold for the financial year 2020-21 in
the case of section 206C(1H) 39
S10.6 Applicability of section 206C(1H) to sale of motor vehicle 40
I-7 Contents
PAGE
S10.7 No adjustment under section 206C(1H) for sale return, discount or indirect taxes 41
S10.8 Fuel supplied to non-resident airlines 44
7
Amendments pertaining to alternative tax regime

S11. Maximum rate of depreciation when tax is calculated under alternative tax regime 45
S11.1 Effective date 45
S11.2 Assets affected by above restriction 45
S12. Mode of adjustment of unabsorbed depreciation 46
S13. Form prescribed for exercising option under section 115BAC/115BAD 47
1 APPENDIX
ti
2
Taxa
Act, on and Other Laws (Relaxation and Amendment of Certain Provisions) 020 51
2 APPENDIX

Guide 1961 lines under section 194-O(4) and Section 206C(1-I) of the Income-tax Act, 92
3 APPENDIX

Clarification on doubts arising on account of new TCS Provisions 96

Income-tax (Twenty-second Amendment) Rules, 2020 98

PAGE
Abbreviations I-9
1 Extension of time-limit

S1. Extension of certain time-limits 1
S1.1 No relief from levy of interest under section 234A if self-assessment tax exceeds Rs. 1 lakh 5
S1.2 Tax paid up to July 31, 2020 to be treated as advance tax in the case of senior citizens 5
S2. Extension pertaining to payment of tax [Secs. 3(2) and 5 of the Relaxation and Amendment Act] 5
S2.1 Payment of tax under Specified Acts 6
S2.2 Payment of tax under VsV Act 6
2 TDS and TCS Rates

S3. TDS/TCS rates 9
S3.1 No relief if deductee/collectee does not furnish PAN 12
3 Residential Status

S4. Residential Status [Sec. 6] 13
S4.1 Indian citizen/person of Indian origin visiting India [Expln. 1(b) to sec. 6(1) and sec. 6(6)(c)] 13
S4.2 Deemed resident [Sec. 6(1A)] 14
4 Registration for entities covered by sections 10(23C), 11, 35 and 80G

S5. New procedure of registration for entities covered by sections 10(23C),
11, 35 and 80G 15
S5.1 Amendments pertaining to registration procedure 15
I-5
Contents I-6
PAGE
S5.2 Amendments pertaining to statement of donation/certificate of donation 18
5 New faceless proceedings regime

S6. Faceless assessment proceedings 19
S6.1 Reference to Transfer Pricing Officer [Sec. 92CA(8)] 19
S6.2 Faceless jurisdiction of Income-tax authorities [Sec. 130] 19
S6.3 Faceless collection of information [Sec. 135A] 20
S6.4 Provision regulating faceless inquiry or valuation [Sec. 142B] 20
S6.5 Faceless assessment [Sec. 144B] 21
S6.6 Dispute Resolution Panel [Sec. 144C] 27
S6.7 Faceless income escaping assessment [Sec. 151A] 27
S6.8 Faceless rectification, amendments and issuance of notice or intimation [Sec. 157A] 27
S6.9 Faceless collection and recovery of tax [Sec. 231] 28
S6.10 Faceless revision of orders [Sec. 264A] 29
S6.11 Faceless effect of orders [Sec. 264B] 29
S6.12 Faceless prosecutions [Sec. 279] 29
S6.13 Faceless approval or registration [Sec. 293D] 30
S7. Faceless Appeal Scheme, 2020 30
S7.1 Faceless Appeal Centres 30
S7.2 Procedure in appeal 31
S7.3 Non-faceless appeal regime - In a few cases 35
6 Guidelines for TDS under section 194-O and TCS under section 206C(1H)

S8. Tax deduction under section 194-O on payment by e-commerce operator
to e-commerce participants 36
S9. Tax collection at source under section 206C(1H) by seller of goods 37
S10. Clarification given by the Board in Circular No. 17/2020 38
S10.1 Transactions carried out through various Exchanges 38
S10.2 Applicability on payment gateway 38
S10.3 Applicability of on insurance agent/insurance aggregator 38
S10.4 Mode of computation of threshold for the financial year 2020-21 in
the case of section 194-O 39
S10.5 Mode of computation of threshold for the financial year 2020-21 in
the case of section 206C(1H) 39
S10.6 Applicability of section 206C(1H) to sale of motor vehicle 40
I-7 Contents
PAGE
S10.7 No adjustment under section 206C(1H) for sale return, discount or indirect taxes 41
S10.8 Fuel supplied to non-resident airlines 44
7
Amendments pertaining to alternative tax regime

S11. Maximum rate of depreciation when tax is calculated under alternative tax regime 45
S11.1 Effective date 45
S11.2 Assets affected by above restriction 45
S12. Mode of adjustment of unabsorbed depreciation 46
S13. Form prescribed for exercising option under section 115BAC/115BAD 47
1 APPENDIX
ti
2
Taxa
Act, on and Other Laws (Relaxation and Amendment of Certain Provisions) 020 51
2 APPENDIX

Guide 1961 lines under section 194-O(4) and Section 206C(1-I) of the Income-tax Act, 92
3 APPENDIX

Clarification on doubts arising on account of new TCS Provisions 96

Income-tax (Twenty