Recently The Department of Income Tax announced the launch of a new income tax website on 7th June 2021 for better taxpayer’s experience and functioning. Consequently, the income tax department announced that the income tax website was on halt for a short period of six days. Users were not able to access the Department’s existing portal at incometaxindiaefiling.gov.in, i.e. from 1 June 2021 to 6 June 2021.
Due to the income tax website halt, Taxpayers facing issues on filing form- 15CA & 15CB which leads to the stoppage of foreign remittance/payments of businesses in India. Hence hampering day-to-day businesses.
Till now (11th June 2021), stakeholders and taxpayers are facing issues on the new website.
Know about form -15CA & 15CB
Form 15CA is a declaration to send remittance to a non-resident of India or an international company (irrespective of whether payment is subject to tax).
As per the government rules, The remitter making payments to the non-resident must provide form-15 CA with details of the settlement, in addition to an accounting certificate.
The accounting certificate must be certified by the Chartered Accountant and is known as 15CB.
Taxpayers facing issues filing form- 15CA & 15CB
The government launched a new tax website to improve the user experience of the taxpayer. However, several glitches and loading issues on the new website are causing troubles for both the Chartered Accountants and taxpayers while generating form 15CA & 15CB.
For instance, some users are reporting failure to log in, and internal links not opening. Furthermore, companies state that they are receiving flack from customers whose overseas transfers are not correctly operating.
As we now know, For overseas transfers, taxpayers need to provide certifications on Form 15CB. Nevertheless, the link is not opening.
As a result, Banks will not release payment to the foreign parties until the person sending foreign remittances gives Form 15CA/CB certificate, and it can be issued only using the income tax portal.
Experts believe these are initial glitches and will be resolved soon. So, companies should patiently wait and get ready forms 15CA & 15CB till then.
Moreover, If you want any other guidance concerning ITR Filing, please feel free to talk to our business advisors at 8881-069-069.
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