The Insolvency and Bankruptcy Board of India (IBBI) amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) today. 2. Government of India has declared a lockdown of twenty-one days with effect from 25th March, 2020 as a measure to combat and contain the spread of COVID-19. It is difficult for the insolvency professionals to continue to conduct the process, for members of committee of creditors to attend the meetings, and for prospective resolution applicants to prepare and submit resolution plans, during the period of lockdown. Therefore, it may be difficult to complete various activities during a corporate insolvency resolution process within the timelines specified in the CIRP Regulations. 3. To address this difficulty, the IBBI amended the CIRP Regulations to provide that the period of lockdown imposed by the Central Government in the wake of COVID-19 outbreak shall not be counted for the purposes of the time-line for any activity that could not be completed due to the lockdown, in relation to a corporate insolvency resolution process. This would, however, be subject to the overall time-limit provided in the Code. . 4. The amended regulations are effective from today. These are available at www.mca.gov.in and www.ibbi.gov.in

Circular No. 20/2024 (Central Board of Direct Taxes): extends the timeline for determining the payable amount under section 90 of the Direct Tax Vivad Se Vishwas Scheme, 2024, to facilitate dispute resolution under the Income-tax Act, 1961 framework.

Circular No. 21/2024 (Central Board of Direct Taxes): extends the due date for filing belated or revised Income Tax Returns for Assessment Year 2024–25 in specified cases under the Income-tax Act, 1961.

Circular No. 1/2025 (Central Board of Direct Taxes): provides guidance on applying the Principal Purpose Test under India’s Double Taxation Avoidance Agreements, clarifying interpretation and anti-abuse measures in cross-border taxation.

Circular No. 2/2025 (Central Board of Direct Taxes): extends the due date for filing Form 56F for specified tax compliance under the Income-tax Act, 1961.

Circular No. 3/2025 (Central Board of Direct Taxes): provides guidelines for TDS on salaries under Section 192 for FY 2024–25, under the Income-tax Act, 1961, including computation and deduction procedures.

Circular No. 4/2025 (Central Board of Direct Taxes): issues FAQs clarifying guidelines for compounding of offences under the Income-tax Act, 1961, dated 17.10.2024, to streamline interpretation and application of compounding provisions.

The Insolvency and Bankruptcy Board of India invited public comments on regulations issued under the Insolvency and Bankruptcy Code, 2016 to enhance transparency and stakeholder participation.

The Aatma Nirbhar Bharat Package highlighted progress in economic recovery through reforms, liquidity measures, and support for MSMEs to boost self-reliance and growth.

The Insolvency and Bankruptcy Board of India amended the Liquidation Process Regulations, 2016 to streamline liquidation, improve transparency, and facilitate faster realisation of assets under the Insolvency and Bankruptcy Code, 2016.

Circular No. 5/2025 (Central Board of Direct Taxes): issues waiver of interest under Sections 201(1A)(ii) and 206C(7) in specified cases, exercising powers under Section 119 of the Income-tax Act, 1961.

Circular No. 6/2025 (Central Board of Direct Taxes): extends the due date for filing Income Tax Returns for Assessment Year 2025–26 under the Income-tax Act, 1961.

The Insolvency and Bankruptcy Board of India amended the Liquidation Process Regulations, 2016 to streamline liquidation, improve transparency, and facilitate faster realisation of assets under the Insolvency and Bankruptcy Code, 2016.

Circular No. 7/2025 (Central Board of Direct Taxes): relaxes time limits for processing electronically filed valid income tax returns submitted under Section 119(2)(b), ensuring compliance and proper processing under the Income-tax Act, 1961.

Circular No. 8/2025 (Central Board of Direct Taxes): clarifies Circular No. 5/2025 on waiver of interest under Sections 201(1A)(ii) and 206C(7) in specified cases, issued under the Income-tax Act, 1961.

The Insolvency and Bankruptcy Board of India amended CIRP Regulations, 2020 to improve authorised representative selection, streamline voting, and enable simultaneous consideration of resolution plans under the Insolvency and Bankruptcy Code, 2016.

Circular No. 9/2025 (Central Board of Direct Taxes): partially modifies Circular No. 3/2023 on consequences of inoperative PAN under Rule 114AAA of the Income-tax Rules, 1962, revising related compliance and penalty implications.

Circular No. 10/2025 (Central Board of Direct Taxes): provides relaxation in time limits for processing electronically filed Income Tax Returns that were wrongly invalidated by CPC, under the Income-tax Act, 1961, to ensure proper processing and taxpayer relief.

Circular No. 11/2025 (Central Board of Direct Taxes): modifies provisions of Circular No. 9/2022 CBDT dated 09.05.2022, updating guidelines/clarifications issued earlier under the Income-tax Act, 1961.

The Insolvency and Bankruptcy Board of India, with MyGov, conducted a national quiz on the Insolvency and Bankruptcy Code, 2016, attracting 1.25 lakh participants and rewarding top performers.