The Central Board of Direct Taxes (CBDT-Central Board of Direct Taxes) has given a big relief to the taxpayers on Tuesday evening. CBDT has extended the deadline for submitting Income Tax Form 15CA and 15CB to the authorized dealer. According to the Income Tax Act, 1961, both these forms are required to be filed electronically. Let us tell you that for any kind of foreign remittance, a copy has to be given to the Authorized Dealer. Prior to this, taxpayers are required to upload Form 15CA along with Chartered Accountant’s certificate in Form 15CB on the e-filing portal.

What is Form 15CA and 15CB?

The person remitting money abroad has to fill Form 15CA to ascertain the tax liability on the payment received by the recipient.

Signature of Chartered Accountant is required on Form 15CB. This document shows what kind of tax you are paying and what is your tax rate. Some details of Form 15CB are required while filling Form 15CA.

New deadline for submission of 15CA and 15CB

In view of the difficulty in e-filing of Form 15CA/15CB on the new portal of Income Tax Department www.incometax.gov.in, CBDT has given relief. Now this date has been extended to August 15, 2021. It has been told that the facility of uploading both the forms on the e-filing portal for generating the Document Identification Number will be given later.

Why the deadline extended ?

Tax experts say that taxpayers have been complaining about this since the launch of the new e-filing website of the Income Tax Department https://incometax.gov.in That is why it has been announced to increase its deadline.

As per the Income Tax Act, 1961, Form 15CA/15CB is required to be filled online. At present, taxpayers have to upload Chartered Accountant Certificate (wherever required) in Form 15CA and Form 15CB on the e-filing portal in case of foreign remittances. After this, this copy has to be submitted to the authorized dealer.

Source: TV9Hindi, Income Tax Department.

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