Notifications (July 2021)

THE CBDT HAS GRANTED MORE FLEXIBILITY IN THE ELECTRONIC FILING OF FORMS 15CA/15CB UNDER THE INCOME-TAX ACT

Due to issues experienced by taxpayers in electronically submitting Income Tax Forms 15CA/15CB on the portal www.incometax.gov.in, the deadline has been extended to July 15, 2021. The Income Tax Act of 1961 mandates that Form 15CA/15CB be submitted electronically. Before sending the copy to the authorized dealer for any international transfer, taxpayers must first upload the Form 15CA, along with the Chartered Accountant Certificate in Form 15CB, if applicable, to the e-filing platform. The CBDT had already established that taxpayers might submit Forms 15CA/15CB to an approved dealer in manual format until June 30, 2021. 

It has now been decided to push back the deadline to July 15, 2021. As a result, taxpayers can now submit the aforementioned Forms to authorized dealers in manual format until July 15, 2021. Authorized sellers are encouraged to accept such Forms for foreign remittances till July 15, 2021. 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. 

TO READ THE OFFICIAL NOTIFICATION CLICK HERE

THE GOVERNMENT CHANGES THE CREDIT GUARANTEE FUND FOR MICRO UNITS (CGFMU)

The following amendments to the Credit Guarantee Fund for Micro Units Scheme are made by the Central Government.

In paragraph 2 of the stated Scheme,—

(a) The brackets and phrases “(Interest rate as defined by Mudra; currently not to exceed 12 percent p.a.)” shall be omitted in sub-paragraph (xi);

(b) The following sub-paragraph shall be replaced for sub-paragraph (xii).

“Eligible borrower” refers to a new or existing micro unit/enterprise that falls into any of the PMMY-covered sectors or as defined in the MSMED Act, 2006 (as revised from time to time), and who meets the Fund’s eligibility criteria and whose credit needs do not exceed the PMMY credit limit. The loan’s specified limit is Rs.10 lakh or such other sum as the Fund may determine from time to time. In addition, overdraft loans of up to Rs.10,000/- sanctioned under PMJDY accounts will be protected by the Credit Guarantee Fund. Self Help Groups that match the Fund’s eligibility standards and have a loan amount of more than Rs.10 lakh but less than Rs.20 lakh are also considered eligible borrowers. The words and letters shall be put after the words and letters “credit management by MLIs,” namely- This payout cap shall, however, not be applicable on the SHG portfolio.

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