MRink - Finance and Income Tax

The Finance Act 2021 has introduced two new sections- Section 206AB & 206CCA, which require to deduct/ colllect tax at higher rate for certain defined class of non-filers of Income Tax Returns of two previous years. The said sections are applicable w.e.f. 01-07-2021 in case where the amount of TDS/ TCS is in excess of Rs.50,000/- Section 206AB & 206CCA are required to be complied by the deductor/ collectors of the tax on applicable transactions, which puts additional compliance burden on them. To provide remedy for the same, n ew functionality has been issued for compliance checks for section 206AB & 206CCA to ease compliance burden of tax deductors/collectors by the CBDT vide  Circular No. 11 of 2021 dt 21.06.2021 on implementation of section 206AB & 206CCA w.r.t. higher tax deduction/collection for certain non-filers. Please refer the copy of said circular enclosed hereunder: If you have any query related to the article please reach us via mail:-mrinkblog@gmail.com

On 14th June, 2021 the CBDT has provided relaxation regarding submission of form 15CA & 15CB in manual format to authorised dealer till 30th June, 2021. In this reference, we are providing herewith copy of Form 15CA in Excel Format for making compliance easier. You can download the same by clicking the below given link: Form 15CA in Excel Format:  Click here Form 15CA in PDF as per ITD:  Click here Also, below is the link of our earlier article wherein we have provided update regarding the details of Press Relaese whereby such relaxation is provided: Press release details:  Click here If you have any query related to the article please reach us via mail:-mrinkblog@gmail.com  Advisory: Information relates to the law prevailing in the year of publication as indicated. The above article is only to enable public to have a quick and an easy understanding. Viewers are advised to ascertain the correct position/prevailing law before relying upon any document.

The CBDT in Press release issued today i.e., on 14/06/2021 has provided relaxation regarding e-filing of forms 15CA & 15CB. The same is reproduced hereunder: CBDT grants relaxation in electronic filing of forms 15CA & 15CB in view of difficulties reported by taxpayers in filing of forms online on the new e-filing portal https://incometax.gov.in. The forms can be submitted in manual format to the authorised dealers till 30th June, 2021.