E-FILING OF I-T FORMS 15CA/15CB HAS BEEN MADE MORE RELAXED
The Central Board of Direct Taxes indicated that taxpayers can submit Income Tax forms 15CA/15CB in manual format to authorized dealers until June 30, 2021, due to difficulties identified by taxpayers in electronic filing.
“Authorised dealers are encouraged to accept such forms for the purpose of international remittances until June 30th, 2021,” according to the Central Board of Direct Taxes. 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.”
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 portal.
15CA is for anyone who wants to make a payment or remit money to a non-resident. The bank will check to see if the tax has been paid or not. If taxes are not paid, a certified by the Chartered accountant or the Assessing Officer will be consulted. However, this approach does not apply to all overseas remittances; there are 33 types of remittances that are exempt from submission of Form 15CA or Form 15CB.
A declaration of remitter is Form 15CA. This form is used to collect information on payments that are taxable in the hands of the recipient non-resident.
It is a certification on rates and the proper kind of tax paid by a remitter that must be signed by a Chartered Accountant.
MOBILE PREPAID RECHARGES HAVE BEEN INCLUDED IN THE BILLER CATEGORY,’ ACCORDING TO THE BHARAT BILL PAYMENT SYSTEM (BBPS)
The Reserve Bank of India announced rules on the Bharat Bill Payment System (BBPS) on November 28, 2014. BBPS began as a compatible network for repeated bill payments, including bills from five categories: DTH, electricity, gas, telecommunications, and water.
The system featured a standardized bill payment experience, a centralized customer grievance redress process, a customer convenience fee, and the availability of a variety of digital payment alternatives at any time and from any location. With a circular dated September 16, 2019, the scope and coverage of BBPS were enlarged to include all types of billers who raise recurring bills (excluding mobile prepaid recharges) as eligible participants on a voluntary basis.
Due to consistent growth in various biller categories and to provide mobile prepaid consumers with more recharge alternatives, it was decided to allow ‘mobile prepaid recharges’ as a biller category in the BBPS on a voluntary basis. On or before August 31, 2021, this will be implemented.