Reserve Bank of India (RBI) has directed Paytm Payments Bank Limited today on 11th March 2022 to stop, with immediate effect, the onboarding of new customers due to various reasons such as violation in adhering to the norms related to Know Your Customer (KYC), data privacy policy, data storage, outsourcing of data and many others. The Reserve Bank has also directed Paytm to appoint an IT audit firm to conduct a comprehensive System Audit of its IT system. Read the press release:

The Central Board of Direct Taxes (CBDT) vide Circular No. 21/2021 dated 28th December 2021 has provided one-time relaxation to the taxpayers for verification of returns for Assessment Year 2020-21 which were uploaded electronically by the taxpayers within the time allowed under section 139 of the Act and which have remained incomplete due to non-submission of ITR-V Form / pending e-Verification either by sending a duly signed physical copy of ITR-V to CPC, Bengaluru through speed post or through EVC/OTP modes. Such verification process must be completed by 28.02.2022. The Board also relaxes the time limit for issuing the intimation under section 143(1) of the Income Tax Act, 1961 to 30.06.2022. Read the full text of the circular from the below attachment...