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CBDT vide Press Release dated July 05, 2021 grants further relaxation in electronic filing of forms 15CA & 15CB in view of difficulties reported by taxpayers in filing of the forms online on https://t.co/GYvO3n9wMf.

Date for submission of forms in manual format to the authorised dealers is extended to 15th July, 2021.

A facility will 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.

Press Release

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CBDT vide circular dated July 02, 2021 issued Guidelines under section 9B and U/S 45(4) of the Income-tax Act, 1961.

Guidelines states that Section 45(4) w.r.t. capital asset remaining with the specified entity is forming part of a block of asset, the amount attributed to such capital asset under rule 8AB of the Rules shall be reduced from the full value of the consideration received or accruing as a result of subsequent transfer of such asset by the specified entity, and the net value of such consideration shall be considered for reduction from the written down value of such block under sub-clause (c) of clause (6) of section 43 of the Act or for calculation of capital gains, as the case may be, under section 50 of the Act.

Circular

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CBDT vide Notification dated July 07, 2021 notified a new rules 8AC regarding computation of short-term capital gains (STCG) and written down value (WDV) where depreciation on goodwill has been obtained potentially increasing tax liabilities on firms that have undergone mergers or acquisitions in recent years.

The rule states that where the value of net goodwill removed from the block is in excess of the opening WDV as on April 1, 2020, such excess will now be offered to tax as STCG. Cases where goodwill was the only asset in the block, there won’t be any impact.

Notification

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CBDT vide Notification dated July 02, 2021 notified a new rules 8AB related to determination of attribution of income taxable U/S 45(4) to the capital assets remaining with the specified entity, U/S 48 along with form namely ‘Details of amount attributed to capital asset remaining with the specified entity’.

Notification

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On consideration of genuine hardship being faced by the taxpayers, Income tax department provides relief in respect of below compliances:

  • TDS Q4 return Filing – Extended to  July 15, 2021.
  • Issue of Form 16 – Extended to July 31, 2021.
  • Application for 10A, 10B, 10(23C),12AB and 80G – Extended to August 31, 2021.
  • Compliances u/s 54 to 54GB for Capital Gains – Extended to September 30, 2021.
  • 15G/15H Declaration Submissions – Extended to August 31, 2021.
  •  Payment of amount under Vivad se Vishwas(without additional amount)- August 31, 2021.
  • Payment of amount under Vivad se Vishwas (with additional amount)- October 31, 2021.
  • Time Limit for passing assessment order-  September 30, 2021.
  • Time Limit for passing penalty order – September 30, 2021.

Further, No tax on ex gratia payment received from employer due to death in COVID without limit.

No tax on financial assistance / gift received up to 10 lakh from non relative / social media  In case of death due to COVID . No tax under section 56(2)(x) for money received from any person for covid treatment .

Circular

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For the month of March 2021, the auto-population of e-invoices into GSTR-1 (of March 2021) is still in progress and is likely to take some more time.

Hence, CBIC notified taxpayers who are reporting e-invoices, are hereby advised not to wait for the complete auto-population, and instead proceed with preparation and filing of GSTR-1 for March 2021 (by the due date), based on actual data as per their records.

News and Updates

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CBDT notifies new Income tax return forms for the AY 2021-22.  Keeping in view the ongoing crisis due to COVID pandemic and to facilitate the taxpayers, no significant change have been made to the ITR Forms in comparison to the last year’s ITR Forms. Only the bare minimum changes aligning them with the changes made in the Finance Act, 2020 has been made.

Press Release

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