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 Business Update

1. Income tax department makes it mandatory to link your PAN with Aadhaar by 30th June 2021. If not linked, the PAN will become invalid. This will attract a higher TDS rate and may impact your financial transaction. Link your PAN with Aadhaar.

2. Apart from the above, by virtue of Section 139AA(2) of the Act linking of Aadhar with PAN within the prescribed timelines is mandatory. In case of non-linking the existing PAN issued shall be considered as inoperative and TDS shall be deducted at the higher rate as applicable in case of a person who does not have PAN i.e. @ 20%.

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3. The Finance Minister on 1 February 2021 has introduced a new Section 206AB vide Finance Act 2021. This Section is applicable for FY 2021-22 w.e.f. 1 July 2021. This amendment has been introduced to ensure filing of return of income by those persons who are required to file the return of income but are willfully not filing return of income.

What is the date of Effective Voluntary Cancellation of Registration under the IT ACT? 

4. Sebi came out with fresh guidelines on reporting formats for mutual funds. The formats for the reports to be submitted by asset management companies (AMCs) to trustees, by AMCs to Sebi and by trustees to the regulator have been revised on the basis of consultation from the industry.

5. Mandatory Registrations for NGOs after 01.04.2021 – Form CSR-1, Section 80G and Section 12AB of Income Tax Act. As per the notification issued by the Ministry of Corporate Affairs dated 22nd January 2021, it is mandatory for all NGO’s which wants to raise CSR Funding to enrol with MCA w.e.f 01/04/2021 to get CSR funding. And Filing of Form CSR-1 has been started on the MCA portal and a huge number of NGOs has already enrolled with MCA.

FY21 FDI inflows up 10%, highest jump in investments from Saudi Arabia

FY21 FDI inflows up 10%, highest jump in investments from Saudi Arabia

According to the government, India received the highest-ever total foreign direct investment (FDI) inflow of $81.72 billion in FY21, up 10% from 2019-20. Inflows of equities, earnings reinvested, and other capital make up total FDI.

Singapore led the way with a 19 percent increase in foreign direct investment equity inflows over the previous fiscal year, followed by the United States and Mauritius. Saudi Arabia, on the other hand, saw the largest rise in foreign investment of $2.81 billion in FY21 compared to $89.93 million the previous year.

Saudi Arabia is the top investor in terms of percentage rise among the top ten countries in 2020-21, according to the government.

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FDI of $59.64 billion were recorded in FY21, up from $49.98 billion the previous year.

The commerce and industry ministry stated in a statement that “measures implemented by the government on the fronts of Foreign investment policy changes, investment facilitation, and ease of doing business have resulted in higher foreign investment inflows into the country.”

According to the report, foreign investment equity inflows from the US and the UK increased by 227 percent and 44 percent, respectively.

According to the statement, computer software and hardware emerged as the leading sector with roughly 44 percent of total Foreign investment equity investment, followed by Construction (Infrastructure) Activities (13 percent) and Services Sector (8 percent).

FDI
Gujarat, Karnataka, and Delhi are the top recipients of FDI in the Computer Software & Hardware sector

According to the statement, equity in the primary sectors of construction (infrastructure), computer software & hardware, rubber goods, retail trading, drugs & pharmaceuticals, and electrical equipment increased by more than 100 percent in 2020-21 compared to the previous year.

Gujarat is the biggest recipient state for foreign investment equity inflows this year, accounting for 37% of total foreign investment equity inflows, followed by Maharashtra (27%), and Karnataka (27%). (13 percent ).

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