CBDT grants relaxation in electronic filing of forms 15CA & 15CB

CBDT grants relaxation in electronic filing of forms 15CA & 15CB

1.CBDT grants relaxation in electronic filing of forms 15CA & 15CB in view of difficulties reported by taxpayers in the filing of forms online on the new e-filing portal http://incometax.gov.in. The forms can be submitted in manual format to the authorised dealers till 30th June 2021.

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2. Coal India announces ₹3.5 final dividends, reports Q4 net profit at ₹4,589 crores. World’s largest miner Coal India Ltd (CIL) on Monday reported a consolidated net profit of ₹4,588.96 crores, a dip of 0.8%, in the quarter ended 31 March 2021. The company had posted a profit of ₹4,655.76 crores in the year-ago period. The company’s board has approved a final dividend of ₹3.50 per equity share of the face value of ₹10 each for the financial year 2020-21, CIL said in a regulatory filing.

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3. CBDT has made Instant PAN allotment in near to real-time availability free of cost. Individuals (other than minors) with a valid Aadhaar number (with the updated Mobile number) can avail themselves of the PAN allotment facility.

4. Taxpayers need to keep in mind the high-value transactions they made while filing their income tax returns. The income tax department is using analytics to scrutinize data to find out people who have not filed income tax returns (ITR) or under-reported income despite doing a high-value transaction.

RBI & Economy – Monetary Methods!

RBI and Economy – Monetary methods.!

RBI money printing must be the last option, can consider Covid bonds: Subbarao

The central bank can directly print money & finance the govt, but it should avoid doing so unless there is absolutely no alternative, former RBI governor D Subbarao on Wednesday said while pointing out that India is ‘nowhere near such a scenario.

In an interview with PTI, Subbarao suggested that to deal with the second wave of COVID-19 induced slowdown in the economy, the govt can consider Covid bonds as an option to raise
borrowing, not in addition to budgeted borrowing, but as a part of that.

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“It (RBI) can (print money) but, it should avoid doing so unless there is absolutely no alternative. For sure, there are times when monetisation despite its costs – becomes inevitable such as when the govt cannot finance its deficit at reasonable rates.” We are nowhere near such a scenario,” he said. India’s economy contracted by less-than-expected 7.3 per cent in the fiscal ended March 2021. For 2021-22, the deficit has been put at 6.8 per cent of the GDP, which will be further lowered to 4.5 per cent by 2025-26.

The due date for ITR filing for salaried taxpayers extended

The due date for ITR filing for salaried taxpayers extended

The due date for ITR filing for salaried taxpayers extended

1. Due date for ITR filing for salaried taxpayers extended from 31st July to 30th September 2021 this year. Form 16 employer is required to issue to employees before 15th July. Your taxable income may be more or lesser than that in Form 16 provided you have documentary proofs against your claims.

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2. Wef 01.07.2021, higher TDS /TCS for those who do not file ITR of AY 20-21 & 21-22 by due date & whose TDS/TCS was 50,000 or more in both FY 19-20 & 20-21.

3. File GSTR-3B of May 2021 with cumulative adjustment of ITC of April-May 2021 as Rule 36(4) to apply cumulatively. Notification 13/2021 CT of 1.5.21.

4. GST Further extended the facility of accepting undertaking in lieu of bond till June 30, 2021, to facilitate the trade during the COVID-19 pandemic.

New CBDT rules for Income tax

5. 3. Central Board of Indirect Taxes and Customs has directed its offices to not send show-cause notices for service tax defaults, merely on the basis of discrepancies between income tax returns and service tax amount. Various tax-related associations have complained to the Union finance ministry that SCNs were wrongly sent for the financial year 2015-16.