CBDT grants further relaxation in electronic filing of Income Tax Forms 15CA/15CB

CBDT grants relaxation in electronic filing of Income Tax Forms 15CA/15CB

■ As per the Income-tax Act, 1961, there is a requirement to furnish Form 15CA/15CB electronically.

■ Presently, taxpayers upload the Form 15CA, along with the Chartered Accountant Certificate in Form 15CB, wherever applicable, on the e-filing portal, before submitting the copy to the authorized dealer for any foreign remittance.

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■ In view of the difficulties reported by taxpayers in electronic filing of Income Tax Forms 15CA/15CB on the portal www.incometax.gov.in, it had earlier been decided by CBDT that taxpayers could submit Forms 15CA/15CB in manual format to the authorised dealer till 15th July 2021.

■ It has now been decided to extend the aforesaid date to 15th August 2021. In view thereof, taxpayers can now submit the said Forms in manual format to the authorized dealers till 15th August 2021.

■ Authorized dealers are advised to accept such Forms till 15th August 2021 for the purpose of foreign remittances.

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■ A facility will be provided on the new e-filing portal to upload these forms at a later date for the purpose of generation of the Document Identification Number.

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Certicom Updates:

1. The Goods and Services Tax (GST) department has begun to identify instances of tax evasion and frauds identifying mismatches between E-way bills and the radio frequency tags used to cross toll plazas.

GST authorities are now comparing the data given at the time of generating e-way bills for goods movement with the actual movement of vehicles captured at toll plazas and identifying revenue leakages.

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2. CBDT has notified the new rules regarding computation of short-term capital gains and written down value where depreciation on goodwill has been obtained, potentially increasing tax liabilities on firms that have undergone mergers or acquisitions in recent years. Finance Act, 2021, had amended that ‘goodwill’ will no more be regarded as an “intangible asset” and depreciation would not be available with effect from April 2020.

3. Indirect Tax Department cannot freeze Bank account of assesses if Appeal has been filed with mandatory pre-deposit. As per CBEC Circular No 984/08/2014-CX.

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4. Reserve Bank of India announced the cut-off yield for the new 10-year bond at 6.10% per annum, higher than that of the current benchmark, signalling a slight tolerance for a higher yield after months of trying to keep it at 6% or less.

Latest Tax Update

Latest Updates

1. CBDT notifies Rule 8AC for STCG, WDV computation u/s 50 involving goodwill depreciation.

2. Central Board of Direct Taxes has extended the time for processing refunds in non-scrutiny cases for the assessment year 2017-18 up to September 30.

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3. Recovery Order of ITC due to mismatch in Form GSTR-3B and GSTR-2A stayed

The Hon’ble Chhattisgarh High Court, in the case of Bharat Aluminium Company Ltd vs. Union of India Ors. [WPT No. 94 of 2021 decided on June 24, 2021] has granted a stay on Recovery Order passed by the Revenue Department, denying Input Tax Credit (“ITC”) to the Company due to mismatch in two return forms i.e. Form GSTR-2A and Form GSTR-3B, on a condition of deposit of 5% of the demand by the Company.

15CA/CB – Manual Filing Extended till July 15th

4. The Certificate of Tax Deducted at Source in Form No.16, required to be furnished to the employee by 15th June 2021 may be furnished on or before 31st July 2021.