income tax filing extension

The government has vide its press release dated 5th July, 2021 given extension of time to file forms 15CA & 15CB. 15CA pertains to information to be furnished for payments to non-resident not being a company or to a foreign company. 15CB is a form which is required to be certified by a chartered accountant. The purpose is to track the foreign remittances and CA to ensure that correct tax rates are charged. This form is supposed to be given by the remitter to the authorised dealer who in turn is required to file the same on the income tax portal.

Now apparently there are some glitches in the online system, due to which they have now allowed the manual filing of these forms to be done. That’s quite a shame for India to revert back to the manual system.

Secondly income tax should really look at all these form filing and returns to be filed/ uploaded on the system, whether it is required at all, what purpose does it serve at all. The no. of forms/ returns to be filed by any business in India is humongous and income tax/ GST leads the way in that section.

Thirdly, if at all forms are required for any purpose which the government feels fit, then why restrict the certification part to only CAs. It could be done by any professional CWA or CS, This is not rocket science requiring the expert knowledge of only CAs.

That is my two cents of rant.

https://pib.gov.in/PressReleasePage.aspx?PRID=1732843

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