Latest Tax Updates

Latest Tax Updates – Certicom

1. Income Tax Return (ITR) filing for  Financial Year 2020-2021 has started. 30.09.2021 is the Last date for Income Tax Return filing for Assessment Year 2021-22 (Financial Year 2020-21).

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2. Benefits of Income Tax Return (ITR) filing:

a) Claiming Tax Refund
b) Loans processing gets easier
c) Credit cards processing gets easier
d) Visa processing gets faster
e) Set off & Carry forward of losses
f) Serves as proof of income
g) Serves as address proof
h) Buying a high life insurance cover
i) Helpful for those with small or nil income
j) Proof of accumulated earnings over the years
k) Avoiding potential Income Tax notices for non-filing of ITRs

Digital payments up 30.2% in FY21: According to RBI data

3. Indian investment in cryptocurrencies grew from $923 million in April 2020 to nearly $ 6.6 billion in May 2021. The crypto investment by Indians has grown despite no clear regulation on this from the RBI or the Government. The RBI had tried to impose a kind of ban in 2018 by restricting banking facilities to crypto exchanges, which was later ruled out by the Supreme Court.

4. Ministry of Corporate Affairs has recently mandate One Person Company (OPC) and Small Company vide notification dated 5th March 2021 to file its annual return from the financial year 2020-2021 onward in Form No: MGT-7A under Section 92 of the Companies Act, 2013. This action is taken by MCA for giving clarity and reducing the burden of Small Companies and OPC.

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.

ET Financial Inclusion Summit: For a digital India, rules should aim at desired outcomes

■ 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.

Latest Updates

Certicom Updates

1. CBDT grants further relaxation in the electronic filing of forms 15CA & 15CB in view of difficulties reported by taxpayers in filing the forms online on

Submit Here

The date for submission of forms in manual format to the authorised dealers is extended to 15th July 2021.

2. The Reserve Bank of India (RBI) has changed the rules for Fixed Deposits/ Term Deposits :

Interest on overdue domestic deposits

👉If a Term Deposit (TD) matures and proceeds are unpaid, the amount left unclaimed with the bank shall attract a rate of interest as applicable to the savings account or the contracted rate of interest on the matured Term Deposite, whichever is lower.

3. GST collection for June falls to Rs 92,849 crore, drops below Rs 1 lakh crore first time in nine months.

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4. Proceedings of Cancellation of GST Registration can’t be kept hanging on the pretext of Assessee’s failure to file the reply within the time: Rajasthan HC.