THE CBDT HAS EXTENDED THE DEADLINES FOR E-FILING CERTAIN TAX FORMS
The Central Board of Direct Taxes (CBDT) has extended the deadlines for filing several electronic forms under the Income Tax Act of 1961, providing relief to taxpayers. The Finance Ministry stated in a statement that the move was prompted by problems highlighted by taxpayers and other stakeholders.
The application for registration, intimation, or approval under Sections 10(23C), 12A, 35(1)(ii)/(iia)/(iii) or 80G of the Act, which was due on or before June 30, 2021, but was postponed until August 31, may now be submitted on or before March 31, 2022.
Furthermore, an application for registration or approval under Sections 10(23C), 12A, or 80G of the Act in Form No 10AB that has a due date of February 28, 2022, maybe filed on or before March 31, 2022.
The Equalisation Levy Statement in Form No 1 for the Financial Year 2020-21, which was due by June 30, 2021, but was extended to August 31, 2021, may now be filed by December 31, 2021.
The Finance Ministry said, among other things, that uploading of declarations received from receivers in Form No 15G/15H during the quarter ending June 30, which were initially due to be submitted on or before July 15, and then by August 31, might now be done on or before November 30.
THE RESERVE BANK OF INDIA HAS INCREASED THE INCENTIVE FOR COIN DISTRIBUTION TO RS 65 PER BAG, UP FROM RS 25 PREVIOUSLY
With effect from September 1, 2021, the Reserve Bank of India (RBI) increased the incentive for banks to distribute coins to the general population from Rs 25 to Rs 65 per bag. While reviewing incentives and other efforts to improve coin distribution, the central bank announced that banks will receive an additional Rs 10 per bag incentive for coin distribution in rural and semi-urban areas. Within one week of receiving incentives from the RBI, the currency chest branch will pass on the incentive to the linked bank or branches for the coins to be dispersed on a pro-rata basis. During the currency chest examination, the RBI regional offices will also check the distribution of coins.
Banks are encouraged to give coins to bulk customers – who want more than one bag in a single transaction – just for business transactions in order to meet their coin requirements. Banks should also provide such services as part of their board-approved policy on “oor step banking” services, according to the RBI.
Such consumers should be bank members who have completed the KYC process, and a record of coins delivered should be kept. Banks are recommended to conduct due diligence to ensure that the facility is not abused.” Coins are now distributed in small batches to retail consumers rather than in bulk to bulk buyers.