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.

[pt_view id=”064542bwhr”]

Latest Tax Updates

Latest Tax Updates

1. The Director-General of Foreign Trade (DGFT) extended the last date for updation of Importer -Exporter Code (IEC) on annual basis for Financial Year 2021 up to 31 July 2021. The DGFT issued the extension notification in continuance of the notification dated 12 February 2021, so as to inform that the last date to update or modify the IEC is extended up to 31 July 2021.

[pt_view id=”064542bwhr”]

2. CBDT issues clarification on Section 194Q :

a) TDS under section 194Q on the net of GST if charged separately. However, for section 206C(1H) GST is to be included.

b) Transactions on recognised exchanges exempted from 194Q.

c) Hierarchy of section 194-O, 194Q and Section 206C(1H) clarified. If section 194-O is applicable to a transaction then 194Q and 206C(1H) will not apply. If 194Q is applicable then section 206C(1H) shall not be applicable. If section 194-O and 194Q are not applicable section 206C(1H) will be applicable.

Critical issues by way for FAQ for new Section 206AB 

d) Turnover/ Gross receipts of 10 crores of buyers for applicability of this section 194Q will mean Turnover/ Gross receipts in business only. Hence receipts by way of rent, interest, capital gain etc if not considered as business income are not to be included.

e) Further provision of section 194Q not to apply in the first year of an entity as no turnover / gross receipts in the preceding year since the entity was not in existence.

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.

[pt_view id=”baa39696xe”]

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