CBDT Extends E-Filing Dates For Various Tax Forms
The Central Bureau of Direct Taxes (CBDT) has extended the due dates for electronic filing of various forms under the Income-tax Act, 1961. This decision was made after taxpayers complained of facing difficulties in filing their taxes online. The last date of payment under the direct tax dispute resolution scheme Vivad Se Vishwas is September 30.
The CBDT in its official statement, declared, “Considering the difficulties being faced in issuing and amending Form No 3, which is a prerequisite for making payment by the declarant under Vivad se Vishwas Act, it has been decided to extend the last date of payment of the amount (without any additional amount) toSep 30, 2021.” The Direct Tax ‘Vivad se Vishwas’ Act, 2020, was enacted on March 17, 2020, with the agenda to reduce pending income tax litigation, deliver timely revenue for the government and help taxpayers.
This new date for filing tax is beneficial to the stakeholders, as the due dates for electronic filing of forms related to intimation by pension funds and sovereign wealth funds have also been extended. The new income tax portal was developed by Infosys. Finance Minister Sitharaman in a meeting with Infosys CEO Salil Parekh expressed disappointment over portal glitches for more than 2 months.
DGCA Extends Ban on International Flights
The Directorate General of Civil Aviation (DGCA) has extended the ban on international scheduled commercial passenger flights to and from India till September 30, which was earlier scheduled to end on August 31.
In its circular, the DGCA said that the international scheduled flights may be allowed on selected routes on a case-to-case basis. However, the restriction doesn't apply to international all-cargo operations as well as flights specifically approved by the DGCA. Meanwhile, special international flights under the government’s Vande Mataram mission will continue to operate.
With rising COVID-19 cases seen in Kerala and a possible third wave concern, the government is taking strict measures to contain the virus. The scheduled international flights were to be operated from August 31 onwards. The DGCA has extended the ban several times and will continue to do so until the virus is contained and people are fully vaccinated.
Two Public Issues To Open on September 1
The IPO frenzy will continue in September as Vijaya Diagnostic Centre and Ami Organics will start the month with launches. These two companies will raise a total of Rs 2,465 crore from the share sale.
Both the companies’ IPO will conclude on September 3. Vijaya Diagnostic Centre is a healthcare chain, while Ami Organics is a specialty chemicals company. The IPO of Vijaya Diagnostics is wholly comprised of an offer for sale of 35,688,064 equity shares, whilst Ami Organics is raising Rs 200 crore through a fresh issue of equity shares and an offer for sale of up to 6,059,600 equity shares by existing shareholders. Vijaya has fixed a price band of Rs 522-531 a share, and Ami has set a price band of Rs 603-610 a share.
So far in the current fiscal, 20 companies have raised more than Rs 45,000 crore through IPOs. This is much higher than Rs 31,277 crore raised by 30 firms in the entire 2020-21. Market experts believe that the current trend of buzzing IPOs will continue this year as there’s still a list of big IPOs yet to be launched.
