The Finance Ministry has released Rs 9,871 crore as a grant to 17 states.

The Finance Ministry has released Rs 9,871 crore as a grant to 17 states.

The Finance Ministry announced on Tuesday that it had released the fifth monthly instalment of the revenue deficit assistance to 17 states, totalling Rs 9,871 crore. Article 275 of the Constitution provides the states with the Post Devolution Revenue Deficit Grant.

The grants are distributed in monthly instalments in accordance with the 15th Finance Commission’s recommendations to close the revenue gap in the governments’ accounts following devolution. The commission has recommended that the 17 states get this award in the years 2021-22.

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On August 9, 2021, the Department of Expenditure released the fifth monthly instalment of the Post Devolution Revenue Deficit (PDRD) grant to the states, totalling Rs 9,871 crore, according to a statement from the ministry.

In the current financial year, a total of Rs 49,355 crore has been distributed to eligible states.

Andhra Pradesh, Assam, Haryana, Himachal Pradesh, Karnataka, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Rajasthan, Sikkim, Tamil Nadu, Tripura, Uttarakhand, and West Bengal are among the states nominated for the PDRD Grant by the Fifteenth Finance Commission.

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In the financial year 2021-22, the Fifteenth Finance Commission has suggested a total PDRD Grant of Rs 1,18,452 crore for the 17 states. So far, Rs 49,355 crore (41.67 per cent) has been released from this total.

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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.

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.

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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. 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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