ISSUES IN ELECTRONIC FILING OF 15CB By CA Amin Haziyani

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ISSUES IN ELECTRONIC FILING OF 15CB By CA Amin Haziyani

The Central Board of Direct Taxes has issued a press release dated July 20, 2021 vide which CBDT grants further relaxation in electronic filing of Income Tax Forms 15CA/15CB.
As per the Income-tax Act, 1961, there is a requirement to furnish Form 15CA/15CB electronically. Due to the difficulties reported by taxpayers in electronic filing of Income Tax Forms 15CA/15CB on the portal www.incometax.gov.in, CBDT had earlier decided that taxpayers could submit Forms 15CA/15CB in manual format to the authorized dealer till 15th July, 2021. It has now extended to 15th August, 2021. Hence, taxpayers can now submit the said Forms in manual format to the authorized dealers till 15th August, 2021. CBDT further directs authorized dealers to accept such Forms till 15th August, 2021 for the purpose of foreign remittances. A facility will also be provided on the new e-filing portal to upload these forms at a later date for the purpose of generation of the Document Identification Number, as informed in the CBDT’s press release.
Now many bankers decline to accept physical copies of 15CA/CB after 15th of August, 2021 and taxpayer are in dilemma as to how they will fulfill their foreign exchange obligation as it will detrimental to their business rapport as well.
In view of the above it is high time that Finance Ministry or/and Income Tax Department should issue a press release to further extend the above time limit to smoothen the outward foreign exchange remittance.

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