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

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

CBDT extends the date for manual filing of tax forms for foreign remittance

File Pic The Central Board of Direct Taxes, CBDT has granted further relaxation in the electronic filing of Income Tax Forms 15CA and 15CB and extended the date of filing from 30th June to 15th July 2021.

The taxpayers can now submit these forms in manual format to the authorized dealers by the 15th of this month. The CBDT in a statement said that authorized dealers are advised to accept such forms for the purpose of foreign remittances.

Higher TDS rates for Non-filers of Income-tax 

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. As per the Income-tax Act, 1961, there is a requirement to furnish forms 15CA and 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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Latest Updates

Latest Updates

1. The deadline to issue Form 16 has been extended to July 31, 2021, from the previous deadline of July 15, 2021.

2. MCA has issued the much-awaited clarification for passing general and special resolutions and convening an EGM in unavoidable circumstances and extended the validity of the existing circulars up to December 31, 2021, in light of the current social distancing norms.

Refer link

3. Finance Minister in a Press Conference has announced the economic relief packages: a. ₹1.1 Lakh Crore Loan Guarantee Scheme for COVID Affected Sectors b. Additional ₹1.5 Lakh Crore for Emergency Credit Line Guarantee Scheme (ECLGS) c. Credit Guarantee Scheme to Facilitate Loans to 25 Lakh Persons.

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4. Income Tax Assessing Officer cannot issue consolidated notices for different Assessment Years. Case Name: Barnala Steel Industries Ltd Vs ACIT (ITAT Delhi). Appeal Number: ITA Nos.3201/Del/201 And ITA No. 6783/DEL/2013

Section 206C(1H) of the Income Tax Act 1961 at a Glance

Section 206C(1H) of the Income Tax Act 1961 at a Glance

1.The provisions of this sections are applicable with effect from 1st October, 2020.

The section provides that in case of sale of goods of the value or aggregate of such value more than Rs 50 lakhs in any PY, (other than the goods being exported out of India or goods covered in 206C (1) or 206C(1F) or 206C(1G)] seller shall collect TCS from the buyer @0.1% of the sale consideration in excess of Rs 50 lakhs.

SPECIAL POINTS TO BE REMEMBERED

If the buyer (collectee) does not furnish PAN or Aadhar the TCS rate shall be 1%.

Since TCS is to be collected on the receipt amount, the section applies on all sale consideration including any advance amount received on or after 1st Oct 2020 irrespective of the fact that the sale was carried out before 1st Oct or not.

The calculation of the amount of sales consideration for ascertaining the eligibility for collection of tax at source as regards to Rs 50 lakhs shall be computed from 1st April 2020.

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NON-APPLICABILITY

Sale of services as this section applies to sale of goods only.

Any consideration for fuel supplied to non-resident airlines at airports in India.

EXPLANATION TO THE WORDS

SELLER: A person whose Turnover or Gross Receipts from the business carried on by him more than Rs 10 Crore in last Previous year.

BUYER: A person who purchases any goods, but does not include

(a) Central Govt, State Govt, embassy, High Commission, Legation, commission, consulate, trade representation of a foreign State, Local Authority

(b) A person importing goods into India or any other notified person.

EXAMPLES

Mr. Shyam has Turnover Rs 20Cr in last PY. He Sold goods to Mr. Ram up to 30/09/20 worth Rs 40 Lakhs and Rs 20 Lakhs from 1/10/21 to 31/03/21.

TCS applicable on Rs 10 Lakhs @ 0.1% i.e., Rs 1000/-

Mr. Shyam has Turnover Rs 30Cr in last PY. He Sold goods to Ram Ltd. up to 30/09/20 worth Rs 46 Lakhs and Rs 25 Lakhs from 1/10/21 to 31/03/21.

TCS applicable on Rs 21 Lakhs @ 0.1% i.e., Rs 2100/-

Mr. Ghanshyam has Turnover Rs 30Cr in last PY. He Sold goods to Punjab Govt up to 30/09/20 worth Rs 46 Lakhs and Rs 25 Lakhs from 1/10/21 to 31/03/21.

TCS not applicable as section does not apply to a buyer being state govt.

Haryana Govt has Turnover Rs 30Cr in last PY. He Sold goods to Ram Ltd. upto 30/09/20 worth Rs18 Lakhs and Rs 85 Lakhs from 1/10/21 to 31/03/21.

TCS applicable on Rs 53 Lakhs @ 0.1% i.e., Rs 5300/-

Mr. Ramesh has Turnover Rs 10Cr in last PY. He Sold goods to Ram Ltd. up to 30/09/20 worth Rs 46 Lakhs and Rs 25 Lakhs from 1/10/21 to 31/03/21.

TCS NOT applicable as Turnover In last PY is not more than Rs 10 Crore.