CBDT extends due date to file Form 15CA/15CB manually

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Big relaxation for taxpayers and foreign currency remitters as CBDT extends the due date to file form 15CA/15CB manually. Many taxpayers reported various issues in the new income tax portal while filing form 15CA/CB. Therefore, addressing this issue CBDT extended the deadline to file these forms.

In this article, we will understand this notification in detail. But first, let us understand Forms 15CA/15CB.

What are Forms 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).

This declaration requires to be submitted by payer to the bank in order to send the funds from India to another country. Banks shall not permit to send money outside India without furnishing form 15ca/cb.

The remitter making payments to the non-resident must furnish form 15 CA with information of the settlement, as well as an accounting certificate.

According to government regulations, it is mandatory to submit the form 15CA along with an accounting certificate, known as 15CB. The form 15CB needs to be certified by a Chartered Accountant.

Errors are still prevalent in the New Income Tax Portal while filing form 15CA/CB

The Department of Income Tax announced the launch of a new income tax website on June 7, 2021, with the goal of improving taxpayer’s experience and functionality. However, after the launch, it has been giving several errors.

Taxpayers facing issues on filing form- 15CA & 15CB had a serious impact on day-to-day business. Till now the errors persist and thus many taxpayers requested the government to take the necessary action.

CBDT extends the due date to file Form 15CA/15CB manually

The CBDT has allowed further relaxation in electronic filing of forms 15CA and 15CB due to difficulties experienced by taxpayers in filing the forms online at https://incometax.gov.in.

Taxpayers can now submit Form 15CA/15CB in manual format until August 15th, 2021. The CBDT(Central Board of Direct Taxes) notified this extension via tweet – Tweet as CBDT extends the due date to file Form 15CA/15CB manually

The income tax department also advises bank/ authorized dealers to collect such Forms until August 15th, 2021. In addition, On the new e-filing platform, there will be an option to upload these forms at a later time for the purpose of generating the Document Identification Number.

In conclusion, the new income tax portal has been giving several issues ever since it was released. Thus, taxpayers should be extra cautious and should take assistance from professionals to safely file their income tax forms/ other returns.

Lastly, the extended date is August 15th to file Form 15CA/15CB, However, it’s best to file these forms as soon as possible to avoid the stress of high time.

Essentials point to keep in mind before filing ITR this year

If you want any other guidance concerning filing Form 15CA/CB or ITR Filing, please feel free to talk to our business advisors at 8881-069-069.

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