The CBDT has said that the new Form 26AS is the faceless hand-holding of the taxpayers to e-file their income tax returns quickly and correctly. Information received by the Income-tax Dept. from Statement of Financial Transactions (SFTs) will be shown under Part E of Form 26AS. It will facilitate voluntary compliance, tax accountability and ease of e-filing of ITR.

The Central Board of Direct Taxes (CBDT) has issued refunds worth Rs. 71,229 crore in more than 21.24 lakh cases upto 11th July, 2020, to help taxpayers with liquidity in Covid-19 pandemic days. It is further emphasized that all the refund related cleaning up of the tax demands are being taken up on priority and is likely to be completed by 31st August, 2020.

The Insurance Regulatory and Development Authority of India (IRDAI) has issued the guidelines on settlement of claims on treatment at ‘make-shift or temporary hospitals’ as permitted by Government. Insurers are advised to expedite settlement of all such claims in accordance to the applicable regulatory framework.

In order to achieve the highest standards of transparency and fairness in dealing with stakeholders, Asset Reconstruction Companies (ARCs) are advised to put in place Fair Practices Code (FPC) duly approved by their Board. The FPC shall be placed in public domain for information of all stakeholders. The FPC requires ARC to follow transparent and non-discriminatory practices in acquisition of assets and to maintain arm’s length distance in the pursuit of transparency

The CBDT has granted one-time relaxation to verify Income-tax returns, filed for the Assessment Years 2015-16 to 2019-20, which are pending with Dept. for want of valid ITR-V form. Taxpayers are allowed to verify such returns either by sending signed copy of physical ITR-V form or through prescribed EVC/OTP modes by 30-09-2020