THE CBDT HAS EXTENDED THE DEADLINES FOR SUBMITTING CERTAIN FORMS ELECTRONICALLY UNDER THE INCOME TAX ACT OF 1961
Due to difficulties reported by taxpayers and other stakeholders in electronic filing of certain Forms under the provisions of the Income-tax Act, 1961, as amended by the Income-tax Rules, 1962 (Rules), the Central Board of Direct Taxes (CBDT) has decided to extend the due dates for electronic filing of such Forms. The following are the details:
i. The quarterly statement in Form No. 15CC to be furnished by an authorized dealer in respect of remittances made for the quarter ending on June 30, 2021, required to be furnished on or before July 15, 2021, as extended to July 31, 2021, may be filed on or before August 31, 2021;
ii. The Equalization Levy Statement in Form No. 1 for the Financial Year 2020-21, which was due on or before June 30, 2021, but was extended to July 31, 2021, may now be filed on or before August 31, 2021.
iii. The Statement of Income paid or credited by an investment fund to its unitholders in Form No. 64D for the previous year 2020-21, which was due on or before June 15, 2021, but was extended to July 15, 2021, may now be due on or before September 15, 2021;
iv. The Statement of Income paid or credited to a unitholder by an investment fund in Form No. 64C for the previous year 2020-21, which was due on or before June 30, 2021, but was extended to July 31, 2021, may now be due on or before September 30, 2021.
In addition, because the facility for e-filing certain Forms is not available, the CBDT has decided to extend the due dates for electronic filing of such Forms as follows:
i. A Pension Fund must file an intimation in Form No. 10BBB for each investment it makes in India for the quarter ending on June 30, 2021, which is required to be filed on or before July 31, 2021, but maybe filed on or before September 30, 2021;
ii. The notification needed to be provided by a Sovereign Wealth Fund in respect of investments made in India in Form II SWF for the quarter ending on June 30, 2021, and which is due on or before July 31, 2021, maybe provided on or before September 30, 2021.
INSTEAD OF A MANDATED AUDIT BY A CA, BUSINESSES CAN NOW SELF-CERTIFY GST YEARLY FILINGS
Instead of a mandated audit certification by chartered accountants, GST taxpayers with a turnover of more than 5 crores can now self-certify their annual returns. All registered firms, with the exception of those with an annual turnover of up to 2 crores, must file an annual return (GSTR-9/9A) for 2020-21 under the Goods and Services Tax (GST). A reconciliation statement in form GSTR-9C is also required for taxpayers having a turnover of more than 5 crores. After an audit by a chartered accountant, this statement had to be certified.
Every registered person, with the exception of those listed in section 44’s second proviso, an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person, and a non-resident taxable person, whose aggregate turnover in a financial year exceeds 5 crores, must also file a self-certified reconciliation statement in GSTR-9C accompanied with the annual return, which must be filed on or before December 31 following the end of the fiscal year.