Tag: INCOME TAX

How Income Tax Rule Applies on Your Cryptocurrency Gains- Explained

The Reserve Bank of India (RBI) has not yet granted legal tender status to bitcoin and other cryptocurrencies. But, fast emerging cryptocurrency trading platforms in India are enough to indicate the rising number of Indians investing in the virtual tender. When there is investment, there must be income tax liability, but due to the lack of clear income tax rules in regard to bitcoins and other cryptocurrencies, it’s not advisable to avoid paying income tax on one’s cryptocurrency investment gains.

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Form 16 Deadline Extended. More Time for Saving Capital Gains Tax on Property

The government on Friday extended deadlines for various income tax compliances, including Form No.16, which is required to be furnished to the employee. The certificate of Tax Deducted at Source or TDS in Form No.16, required to be furnished to the employee by the employer has been extended till July 31, from July 15, 2021.

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5 Big Tax Reliefs Announced by the Government for Taxpayers

In order to provide relief to the taxpayers facing the hardship due to covid-19, the government has announced certain tax benefits and compliance reliefs for the taxpayers. Here are some of the important announcements that you should know about.

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Snapshot of Income Tax related announcements

Govt announces tax exemption for expenditure incurred on Covid treatment &ex-gratia amount recd on death due to Covid. Granting further relief in difficult Covid times, dates of several compliances extended vide Notification Nos 74/2021 & 75/2021 &Circular No 12/2021 dt25.06.2021

  • Tax Concessions for Payment towards COVID Treatment/Death.
  • Easing of IT Compliance Burden during COVID
  • Additional Relief Measures for Income Tax Payers

Many taxpayers & their families have received financial help from employers & well-wishers for COVID-19 treatment or ex-gratia help following COVID-related deaths. To ensure that no income tax liability arises on this account, the following exemptions have been granted

Source- Twitter

Breaking: Government grants further extension in timelines of compliances

Relief to the Taxpayers !! TDS Returns has been extended now up to 15th July 2021 and generation of Form 16 would be 31st July 2021

A. Tax exemption

Many taxpayers have received financial help from their employers and well-wishers for meeting their expenses incurred for treatment of COVID-19. In order to ensure that no income tax liability arises on this account, it has been decided to provide income-tax exemption to the amount received by a taxpayer for medical treatment from employer or from any person for treatment of COVID-19 during FY 2019-20 and subsequent years.

Unfortunately, certain taxpayers have lost their life due to COVID-19. Employers and well-wishers of such taxpayers had extended financial assistance to their family members so that they could cope with the difficulties arisen due to the sudden loss of the earning member of their family. In order to provide relief to the family members of such taxpayer, it has been decided to provide income-tax exemption to ex-gratia payment received by family members of a person from the employer of such person or from other person on the death of the person on account of COVID-19 during FY 2019-20 and subsequent years. The exemption shall be allowed without any limit for the amount received from the employer and the exemption shall be limited to Rs. 10 lakh in aggregate for the amount received from any other persons.

Necessary legislative amendments for the above decisions shall be proposed in due course of time.

B. Extension of Timelines

In view of the impact of the Covid-19 pandemic, taxpayers are facing inconvenience in meeting certain tax compliances and also in filing response to various notices. In order to ease the compliance burden of taxpayers during this difficult time, reliefs are being provided through Notifications nos. 74/2021 & 75/2021 dated 25th June, 2021 Circular no. 12/2021 dated 25th June, 2021. These reliefs are:

  1. Objections to Dispute Resolution Panel (DRP) and Assessing Officer under section 144C of the Income-tax Act, 1961 (hereinafter referred to as “the Act”) for which the last date of filing under that section is 1st June, 2021 or thereafter, may be filed within the time provided in that section or by 31st August, 2021, whichever is later.
  2. The Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21, required to be furnished on or before 31st May, 2021 under Rule 31A of the Income-tax Rules,1962 (hereinafter referred to as “the Rules”), as extended to 30th June, 2021 vide Circular No.9 of 2021, may be furnished on or before 15th July, 2021.
  3. The Certificate of Tax Deducted at Source in Form No.16, required to be furnished to the employee by 15th June, 2021 under Rule 31 of the Rules, as extended to 15th July, 2021 vide Circular No.9 of 2021, may be furnished on or before 31st July, 2021.
  4. The Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64D for the Previous Year 2020-21, required to be furnished on or before 15th June, 2021 under Rule 12CB of the Rules, as extended to 30th June, 2021 vide Circular No.9 of 2021, may be furnished on or before 15th July, 2021.
  5. The Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64C for the Previous Year 2020-21, required to be furnished on or before 30th June, 2021 under Rule 12CB of the Rules, as extended to 15th July, 2021 vide Circular No.9 of 2021, may be furnished on or before 31st July, 2021.
  6. The application under Section 10(23C), 12AB, 35(1)(ii)/(iia)/(iii) and 80G of the Act in Form No. 10A/ Form No.10AB, for registration/ provisional registration/ intimation/ approval/ provisional approval of Trusts/ Institutions/ Research Associations etc., required to be made on or before 30th June, 2021, may be made on or before 31st August, 2021.
  7. The compliances to be made by the taxpayers such as investment, deposit, payment, acquisition, purchase, construction or such other action, by whatever name called, for the purpose of claiming any exemption under the provisions contained in Section 54 to 54GB of the Act, for which the last date of such compliance falls between 1st April, 2021 to 29th September, 2021 (both days inclusive), may be completed on or before 30th September, 2021.
  8. The Quarterly Statement in Form No. 15CC to be furnished by authorized dealer in respect of remittances made for the quarter ending on 30th June, 2021, required to be furnished on or before 15th July, 2021 under Rule 37 BB of the Rules, may be furnished on or before 31st July, 2021.
  9. The Equalization Levy Statement in Form No. 1 for the Financial Year 2020-21, which is required to be filed on or before 30th June, 2021, may be furnished on or before 31st July, 2021.
  10. The Annual Statement required to be furnished under sub-section (5) of section 9A of the Act by the eligible investment fund in Form No. 3CEK for the Financial Year 2020-21, which is required to be filed on or before 29th June, 2021, may be furnished on or before 31st July, 2021.
  11. Uploading of the declarations received from recipients in Form No. 15G/15H during the quarter ending 30th June, 2021, which is required to be uploaded on or before 15th July, 2021, may be uploaded by 31st August,2021.
  12. Exercising of option to withdraw pending application (filed before the erstwhile Income Tax Settlement Commission) under sub-section (1) of Section 245M of the Act in Form No. 34BB, which is required to be exercised on or before 27th June, 2021, may be exercised on or before 31st July, 2021.
  13. Last date of linkage of Aadhaar with PAN under section 139AA of the Act, which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021.
  14. Last date of payment of amount under Vivad se Vishwas(without additional amount) which was earlier extended to 30th June, 2021 is further extended to 31st August, 2021.
  15. Last date of payment of amount under Vivad se Vishwas (with additional amount) has been notified as 31st October, 2021.
  16. Time Limit for passing assessment order which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021.
  17. Time Limit for passing penalty order which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021.
  18. Time Limit for processing Equalisation Levy returns which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021.

Ministry of Finance

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CBDT Extends Various Due Dates in the Wake of COVID-19

The Government has granted further extension of timelines of compliances under Income Tax Act. It has also announced tax exemption for expenditure on COVID-19 treatment and ex-gratia received on death due to COVID-19.

A. Tax exemption

Many taxpayers have received financial help from their employers and well-wishers for meeting their expenses incurred for treatment of Covid-19. In order to ensure that no income tax liability arises on this account, it has been decided to provide income-tax exemption to the amount received by a taxpayer for medical treatment from employer or from any person for treatment of Covid-19 during FY 2019-20 and subsequent years.

Unfortunately, certain taxpayers have lost their life due to Covid-19. Employers and well-wishers of such taxpayers had extended financial assistance to their family members so that they could cope with the difficulties arisen due to the sudden loss of the earning member of their family. In order to provide relief to the family members of such taxpayer, it has been decided to provide income-tax exemption to ex-gratia payment received by family members of a person from the employer of such person or from other person on the death of the person on account of Covid-19 during FY 2019-20 and subsequent years. The exemption shall be allowed without any limit for the amount received from the employer and the exemption shall be limited to Rs. 10 lakh in aggregate for the amount received from any other persons.

Necessary legislative amendments for the above decisions shall be proposed in due course of time.

B. Extension of Timelines

In view of the impact of the Covid-19 pandemic, taxpayers are facing inconvenience in meeting certain tax compliances and also in filing response to various notices. In order to ease compliances to be made by taxpayers during this difficult time, reliefs are being provided through Notifications nos. 74/2021 & 75/2021 dated 25th June, 2021 Circular no. 12/2021 dated 25th June, 2021. These reliefs are:

Objections to Dispute Resolution Panel (DRP) and Assessing Officer under section 144C of the Income-tax Act, 1961 (hereinafter referred to as “the Act”) for which the last date of filing under that section is 1st June, 2021 or thereafter, may be filed within the time provided in that section or by 31st August, 2021, whichever is later.

The Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21, required to be furnished on or before 31st May, 2021 under Rule 31A of the Income-tax Rules,1962 (hereinafter referred to as “the Rules”), as extended to 30th June, 2021 vide Circular No.9 of 2021, may be furnished on or before 15th July, 2021.

The Certificate of Tax Deducted at Source in Form No.16, required to be furnished to the employee by 15th June, 2021 under Rule 31 of the Rules, as extended to 15th July, 2021 vide Circular No.9 of 2021, may be furnished on or before 31st July, 2021.

The Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64D for the Previous Year 2020-21, required to be furnished on or before 15th June, 2021 under Rule 12CB of the Rules, as extended to 30th June, 2021 vide Circular No.9 of 2021, may be furnished on or before 15th July, 2021.

The Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64C for the Previous Year 2020-21, required to be furnished on or before 30th June, 2021 under Rule 12CB of the Rules, as extended to 15th July, 2021 vide Circular No.9 of 2021, may be furnished on or before 31st July, 2021.

The application under Section 10(23C), 12AB, 35(1)(ii)/(iia)/(iii) and 80G of the Act in Form No. 10A/ Form No.10AB, for registration/ provisional registration/ intimation/ approval/ provisional approval of Trusts/ Institutions/ Research Associations etc., required to be made on or before 30th June, 2021, may be made on or before 31st August, 2021.

The compliances to be made by the taxpayers such as investment, deposit, payment, acquisition, purchase, construction or such other action, by whatever name called, for the purpose of claiming any exemption under the provisions contained in Section 54 to 54GB of the Act, for which the last date of such compliance falls between 1st April, 2021 to 29th September, 2021 (both days inclusive), may be completed on or before 30th September, 2021.

The Quarterly Statement in Form No. 15CC to be furnished by authorized dealer in respect of remittances made for the quarter ending on 30th June, 2021, required to be furnished on or before 15th July, 2021 under Rule 37 BB of the Rules, may be furnished on or before 31st July, 2021.

The Equalization Levy Statement in Form No. 1 for the Financial Year 2020-21, which is required to be filed on or before 30th June, 2021, may be furnished on or before 31st July, 2021.

The Annual Statement required to be furnished under sub-section (5) of section 9A of the Act by the eligible investment fund in Form No. 3CEK for the Financial Year 2020-21, which is required to be filed on or before 29th June, 2021, may be furnished on or before 31st July, 2021.

Uploading of the declarations received from recipients in Form No. 15G/15H during the quarter ending 30th June, 2021, which is required to be uploaded on or before 15th July, 2021, may be uploaded by 31st August,2021.

Exercising of option to withdraw pending application (filed before the erstwhile Income Tax Settlement Commission) under sub-section (1) of Section 245M of the Act in Form No. 34BB, which is required to be exercised on or before 27th June, 2021, may be exercised on or before 31st July, 2021.

Last date of linkage of Aadhaar with PAN under section 139AA of the Act, which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021.

Last date of payment of amount under Vivad se Vishwas(without additional amount) which was earlier extended to 30th June, 2021 is further extended to 31st August, 2021.

Last date of payment of amount under Vivad se Vishwas (with additional amount) has been notified as 31st October, 2021.

Time Limit for passing assessment order which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021.

Time Limit for passing penalty order which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021.

Time Limit for processing Equalisation Levy returns which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021.

Faceless Assessment: A Paradigm Shift in Indian Revenue Audits

The Indian government has embarked on a journey of adoption of technology and digitization in governance processes and citizen services over the last few years. Implementation of the nationwide goods and services tax (GST was a major milestone in this journey. On the direct tax front, the government transitioned the revenue audit (tax assessment) process from face-to-face assessment to electronic assessment and now to a complete faceless assessment.

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Webinar on TDS on Purchase of Goods Under Section 194Q of the Income Tax Act

Tax Bar Association, Jodhpur is inviting you to a scheduled Zoom meeting. Topic: TDS on Purchase of Goods U/s 194Q and Applicability of Higher Rate of TDS U/s 206AB.

Time: Jun 25, 2021 12:00 PM

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Join Zoom Meeting: https://us02web.zoom.us/j/81734620364?pwd=WHQzb0kwcllVZlpsdzdnNy9iZGNMQT09

Meeting ID: 817 3462 0364

Passcode: 432052

Guest of Honor: CA Arunji Choradia, Jodhpur

Speaker: CA Surendra Chopra, Jodhpu

Regards

CA Rakesh Bhandari-President

CA Manoj Gupta-Secretary

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Tips on How to Manage Income Tax on Earnings from Mutual Funds

Income from mutual fund can be categorised into two streams: Dividends and appreciation when realised is taxed as capital gains. The mutual fund schemes can be divided into two categories for tax purposes. In first category, fall all equity oriented scheme and rest of the schemes fall in the second category.

Any mutual fund scheme which keeps minimum of 65% of their corpus invested in the Indian companies which are listed in India fall under equity oriented schemes. Likewise, any fund which invests minimum 90% of its corpus in an ETF which in turn invests minimum of 90% of its corpus in these companies is also treated like equity oriented schemes. One of the popular scheme amongst taxpayers ELSS eligible for deduction under Section 80C, falls under this category. By this definition all aggressive hybrid funds which maintain their minimum 65% investment in such companies are treated as equity oriented schemes. All other schemes like conservative hybrid schemes, debts funds, gold ETF, gold funds and international funds fall in the second category……………………………

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Any profit realised on equity oriented scheme sold/redeemed after 12 months are treated as long term capital gains and taxed at flat rate of 10% after initial exemption of one lakhs without indexation. The profits on such schemes realised within 12 months are treated as short term capital gains and are taxed at flat rate of 15%.

In case investments in such schemes was made before 31st January 2018 the profits accrued till 31st January 2018 are grandfathered and the NAV as on 31st January 2018 is to be taken as your cost for computing long term capital gains.

For the second category the profits are treated as long term capital gains if sold/redeemed after 36 months. Long term capital gains are taxed at 20% after applying indexation on your cost of acquisition. Any profits made before 36 months are treated as short term capital gains and are added to your regular income and taxed at the slab rate applicable to you.

Set off of losses of capital gains on mutual funds: All short term capital gains and long term capital gains are aggregated separately. Short term loss can be adjusted against long term gains but long term loss cannot be adjusted against short term gains. Loss under the head capital gains cannot be adjusted against income under any other head. Any capital loss not adjusted during the current year is allowed to be carried forward for next 8 years for set off in subsequent years.

How dividends from mutual fund are taxed: Dividends are taxed like your regular income under the head income from other sources. The mutual fund house deduct tax at 10% on dividends, in case the aggregate dividends likely to exceed five thousand in a year for all the schemes of the same fund house. If you have borrowed to invest in mutual funds, you can claim interest up to 20% of the aggregate dividend amount against such income.

Taxation rules for Non Residents: There is no difference between resident and non-resident for holding period criteria and rates of tax applicable for capital gains but the mutual fund house deduct TDS at the time of redemption on the amount of capital gains. No TDS is required to be made for resident tax payers.

Non-residents do not enjoy the benefit of basic exemption in respect of all long term capital gains and short term capital gains on equity schemes and they have to pay full tax at the flat rate on such capital gains in case their income comprises only such capital gains. Likewise, non-residents are not entitled to avail rebate under Section 87A upto Rs. 12,500/-. This rebate is of tax available to a resident tax payer with income up to five lakhs against tax liability of all nature except tax on long term capital gains on equity schemes.

Tips to manage tax on mutual funds: As long term capital gains on equity are exempt up to one lakh every year, you can look to book minimum of 1 lakh long term capital gain on equity schemes for each of your family members. Even if you wish to continue with the same scheme you can redeem and buy the same scheme on the same day with the same NAV and you have to pay just small amount as STT and stamp duty.

Moreover, for those whose taxable income does not exceed five lakhs in a year can plan their capital gains in such a way that they are able to get tax free capital gains within the tax rebate of Rs. 12,500/- under Section 87A. Please note that this rebate under Section 87A is not available for long term capital gains on equity schemes.

In case you are planning to buy a residential house and you do not own more than one house, you can plan your long term capital gains in such a way so as to avail exemption under Section 54F for long term capital gains on your mutual fund investments in case you are sitting on huge unrealised long term capital gains.

No tax deductions are available under Chapter VIA against all the long term capital gains and short term capital gains from equity schemes. This includes various section like Section 80 C covering deductions for LIP, PF, PPF, School Fee, Repayment of home loan, ELSS etc., Section 80 CCD covering NPS, Section 80 D for Mediclaim, Section 80 G for donation etc. No in case you do not have sufficient income on which tax is payable at your regular slab rates, do not invest in products which are eligible for these deductions.

Balwant Jain is a tax and investment expert. He can be reached at jainbalwant@gmail.com

With Inputs from LiveMint

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Why It is Important to Show Exempt Income in Income Tax Return

Income tax return (ITR) should be filed with utmost care, but people make some common mistakes during the process, which may have consequences. One common mistake is the failure to disclose tax-exempted income in ITR.

To understand its implications, let us first understand what are the common exempt incomes that you might knowingly or unknowingly miss out on disclosing in the tax forms.

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Exempted income: Agriculture income of up to ₹5,000, gift from certain relatives, sum received under a life insurance policy or bonus from a life insurance company other than what is mentioned in sub-clauses (a) to (d) of Section 10(10D) of the Income-Tax Act, sum received from statutory provident fund, approved superannuation and scholarship for education rank among income exempted from tax.

Implications: The income may be exempt, but any income earned by investing the exempted income may be taxable. So, not disclosing the same may result in the tax department asking for the source of income. “For example, if a father receives a certain sum of money from his son and invests it in the purchase of property, the income tax department may ask the father to explain the source of funds for the purchase since such funds may not be commensurate with his income, as disclosed in the ITR form,” said Neha Malhotra, director, Nangia Andersen LLP.

“The tax department captures information regarding high-value transactions from banks, registrars, companies, mutual funds and authorized dealers, etc. Taxpayers must therefore be vigilant and mindful of their sources of income and expenses,” she added.

Disclosure: Taxpayers must disclose exempt income in the schedule called ‘Exempt Income, “which is automatically excluded while computation of final tax liability”, said Malhotra.

Exempt income of minor children clubbed with parent also needs to be reported in ITR. “In computing the total income of an individual taxpayer, income accruing or arising to his minor child (not being a differently-abled child or a child who earns such income on the application of his skill or talent) is clubbed in the hands of the parent whose total income is greater, or the one who maintains the child. However, exemption up to ₹1,500 is allowed to the parent. Income so clubbed in the hands of the individual parent is required to be disclosed in schedule SPI (statement of income) and schedule EI (exempted income) of the ITR form,” said Malhotra.

With inputs from LiveMint

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Income Tax Department Issues FAQs on Compliance Check for Section 206AB & 206CCA of the Income Tax Act

Via Finance Act 2021, Section 206AB and 206CCA are inserted in the Income-tax Act, 1961 (effective from 1st July 2021). These sections impose a higher TDS/TCS rate on the “Specified Persons”, as defined in the new sections. In view of the above, Income Tax Department has facilitated a new functionality “Compliance Check for Section 206AB & 206CCA” to facilitate tax deductors/ collectors to verify if a person is a “Specified Person” as per section 206AB & 206CCA. This functionality is made available through Reporting Portal of Income-tax Department (https://report.insight.gov.in). Department also issues FAQs on the same which can be downloaded by 

 

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Central Board of Direct Taxes [CBDT] has released compliance check facility for Section 206AB & Section 206CCA

This Facility has been introduced vide circular number 11/2021. Now, Quick Reference Guide and FAQ issued w.r.t to above compliance facility.

Compliance Check for Section 206AB & 206CCA

Quick Reference Guide Version 1.0 (June 2021)

[embeddoc url=”https://taxconcept.net/wp-content/uploads/2021/06/Compliance-Check-for-Section-206AB-206CCA-QRG.pdf” download=”all”]

Directorate of Income Tax (Systems)
Compliance Check for Section 206AB & 206CCA
(Reporting Portal)
Frequently Asked Questions (FAQs)
Version 1.0 (June 2021)

[embeddoc url=”https://taxconcept.net/wp-content/uploads/2021/06/Compliance-Check-for-Section-206AB-206CCA-FAQs.pdf” download=”all”]

Read more at:

Opt out rules for CA Exams

CA JAYPRAKASH PANDEY

Summary of Circular No. 11 Issued by the CBDT on 21st June 2021

Under Sec 206AB and 206CCA, the Deductor has to verify if the Vendor has filed the Return of Income for the Previous 2 years. If not, a higher rate of TDS will be applicable for that particular Vendor. The Income Tax and CBDT have enabled a new feature and clarified as follows:

i) A New Feature called “Compliance Check for Sec 206AB & 206CCA”will be enabled on the IT Website.

ii) The IT Department has already compiled the list of persons who have complied with the provision, as before every compliance date (known as specified persons).

iii) The Deductor needs to check if the Vendor has complied by feeding the PAN Number.

iv) If it is confirmed the Vendor has complied, it is enough if the Deductor has noted the compliance once for each Financial Year. It _NEED NOT BE CHECKED BEFORE EACH TRANSACTION IF HE HAS COMPLIED.

v) Where a Vendor has not complied, the Deductor will check before each transaction as the Vendor will move out of the specified persons list only after compliance.

vi) Belated returns will also be valid compliances to be removed from the specified persons list if it is filed within the belated due date.

Important Update in Income Tax: CBDT Issues Circular to Remove Extra Burden on Tax Deducters [Read Circular]

Circular regarding use of functionality under section 206AB AND 206CCA of the INCOME-TAX ACT, 1961

Most Important Update in Income Tax Now Govt has issued a circular regarding to remove the extra burden on the deducters : stated the new option has to introduced : Compliance Check for Section 206AB & 206CCA

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Did you know that certain taxpayers may have to pay double TDS from July?

  1. Check what Finance Act 2021 says ?

Earlier Article “stringent-provisions-under-the-income-tax-act-1961”, we discussed on section 194Q in details.

Now, in this article we will discuss on Section 206 AB.

There are certain rules about to change from July 1, 2021 in accordance with the announcements made in the Union Budget and as per Finance Act 2021. 

One of the important changes that will come into effect from next month is related to your income tax returns filing.

From July 1, you may have to pay double Tax Deducted at Source (TDS) in case you have failed to file your ITR for the last two years.  

So let us understand above changes After section 206AA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of July.

Section 206AB (BARE PROVISION):

Notwithstanding anything contained in any other provisions of this Act, where tax is required to be deducted at source under the provisions of Chapter XVIIB, other than sections 192, 192A, 194B, 194BB, 194LBC or 194N on any sum or income or amount paid, or payable or credited, by a person (hereafter referred to as deductee) to a specified person, the tax shall be deducted at the higher of the following rates, namely:–– 

(i) at twice the rate specified in the relevant provision of the Act; or 

(ii) at twice the rate or rates in force; or

(iii) at the rate of five per cent.

Explanation of relevant terms used in above bare provision:

  • “specified person” means a person who has not filed the returns of income for both of the two assessment years relevant to the two previous years immediately prior to the previous year in which tax is required to be deducted, for which the time limit of filing return of income under sub-section (1) of section 139 has expired; and the aggregate of tax deducted at source and tax collected at source in his case is rupees fifty thousand or more in each of these two previous years.

(“specified person” is A person who will satisfy below two conditions will be considered as a specified person for higher rate of TDS u/s 206AB.
1) A person who has not filed income tax returns for two previous years.
2) A person whose aggregate of tax deducted and collected exceeds Rs 50,000/- in both previous years)

  • “Permanent establishment” includes a fixed place of business through which the business of the enterprise is wholly or partly carried on.’.

(Non-resident who  have a permanent establishment in India then provision of this section is applicable)  

Introduction

The Finance Minister in Budget 2021 introduced a special provision of TDS in the Income Tax Act 1961. A new section has been inserted, which shall be applicable from 1st July 2021 (Section 206AB of Income Tax Act, 1961.) 

 Objective of this Section

The main objective behind inclusion of Section 206 AB is to ensure that taxpayers file their income tax return without fail.  In this article, we shall take a discuss the newly inserted Section 206AB of Income Tax Act, 1961.  

Overview of above Section

The provision of Section 206AB overrides all provisions of the IT Act 1961 as it begins with the non-obstante clause (Notwithstanding anything contained in any other provisions of this Act).

The provisions of this section shall replace the applicability of TDS rate with a higher rate of TDS for those who have NOT filed income tax returns for previous two years despite the fact that the aggregate of tax deducted and collected is beyond 50000 rupees in each of those two previous years.

Thus Section 206AB mandates the person to deduct the tax at a higher rate to penalize the specified persons. Hence at the time of deducting TDS, a consideration to the provisions of this section is mandatory by the Deductor.

Applicability of Section

A higher TDS rates shall apply on the deductees:

  • Who hasn’t filed the income return for both of the two assessment years that are immediately before the previous year where the tax is to be deducted;
  • Where the time limit to file ITR under Section 139 of the Act has expired for both assessment years;
  • Where the TDS amount in each of the two assessment years is more than 50000 rupees.
  • The Specified Person has provided his PAN

  Higher rate of TDS – 

The TDS rates will be higher of the following (i) at twice the rate specified in the relevant provision of the Act; or
(ii) at twice the rate or rates in force; or
(iii) at the rate of five per cent.

Note: If pan is not furnished and return not filed for last 2 years then rate shall be higher of Section 206AA and 206AB.

Example – If a company pays a professional services provided by A and it is liable to deduct 10% TDS on the payment to the professional, it has to go and check on the portal whether A has filed its last 2 ITRs or not. If A has not filed last 2 ITRs and the total TDS deducted from A is more than Rs 50,000 then the company has to deduct TDS under Section 194J shall be higher of the following-

  • Twice the rate mentioned in the relevant provision of the Act- 20%;
  • Twice the rates in force- 20%;
  • 5%

Eventually, TDS will be deducted at 20%.  

Non Applicability of Section –

The provision of TDS deduction at higher rate will not apply on the following

  • Section 192- TDS on salary;
  • Section 192A- TDS on premature withdrawal of EPF;
  • Section 194B- TDS on winnings from lottery;
  • Section 194BB- TDS on winning from horse race;
  • Section 194LBC- TDS by securitization trust;
  • Section 194N- TDS on withdrawal of cash;
  • Non-resident not having permanent establishment in India.

Summary: –

Above provisions are NOT applicable in following cases

1) The payer is not liable to deduct TDS. 2) TDS is applicable under sections 192, 192A, 194B, 194BB, 194LBC or 194N.

3) Aggregate of tax deducted at source in his case does NOT EXCEED Rs. 50,000/- or more in each of these two previous years. 

Conclusion:- Deductor has to keep in mind following points

1) Whether the deductees has filed its income tax return for the previous two years.(Possible solution – Obtain Copies of ITR-V or Declaration incorporating E-filing Acknowledgement Number of ITRs filed  from the Specified Persons)

2) Whether the aggregate amount of TDS  in the previous two years is more than 50000 rupees except sections 192, 192A, 194B, 194BB, 194LBC or 194N whose time limit of filing return of  income under sub-section (1) of section 139 has expired.

3) Whether the deductees mandatorily required to furnish its income tax return. 

4) Whether due date of filing the return hasn’t expired.

5) Whether dedicatees are resident or non-residents?

Therefore, it would be mandatory for the deductees to provide the proof of having filed the income return for the previous two years to avoid deduction at higher rates, and this can increase the overall compliance burden.

Declaration should be obtained from the deductees that he has filed the return of income for the previous two assessment years, where limit under section 139(1) is expired, or the TDS amount is not equal or more than 50000 rupees in case of non-filing of return.  We expect that new income tax portal on www.incometax.gov.in provides utility to verify the return filing status of deductees for last relevant years.

BIO of Author:-

CA JAYPRAKASH PANDEY

The author, CA Jayprakash Pandey is a practicing Chartered Accountant (Founder of Jayprakash P & Company) having Office at Mumbai, with more than 5 years of professional cum practical experience, Direct Tax, International Taxation, Indirect Tax & FEMA related advisory, litigation & compliance matters.

Disclaimer: The purpose of this is to share knowledge and it is for education purpose only. This does NOT constitute NOR does this form part of neither it is to be construed as, A LEGAL OPINION. The analysis is solely based on the reading abilities of the Author. They may be correct/incorrect as per you. No representation or warranty, express or implied, is made or given in respect of any information provided. UNDER NO circumstances should any recipient rely on this communication as a basis for any legal decision. The views expressed are of personal to the author. They do not reflect the views of any organization he may be directly/indirectly associated with. Neither author nor any of its affiliates accepts any legal liability, or responsibility, for, or provides any assurance or guarantee of accuracy, authenticity, completeness, correctness, dependability, reliability, suitability or timeliness of, any part of this article. The contents of this article are based only on the understanding of the Law, Rules, Notifications, etc. of the author and THEY ARE NOT BASIS FOR ANY LEGAL OPINION.

 

Did you know all about form 26AS?

Introduction :-

The Income Tax Department of India inaugurated its new income tax e-filing platform (www.incometax.gov.in on 7th June 2021) , which has several innovative features and is meant to provide taxpayers with a faster and better Income Tax Return (ITR) filing interface

What is Form 26AS?

Form 26AS is an annual information statement that shows the tax credit history (one’s tax passbook) that is amount of tax levied against a taxpayer. This statement exhibits the amount of tax deposited on your behalf by the deductor, it may be your employer or bank, or other person/entity.

New avatar of Form 26AS:-

A new avatar, effective from June 1, 2020, your Form 26AS will now contains information regarding tax refunds and demands (if any) against your PAN. These changes were notified by the government via a notification dated May 28, 2020.

 

The new Form 26AS has two parts: Part A and Part B.

Part A Shows general information about the tax payer such as:-

1.Permanent Account Number
2. Aadhaar Number
3. Name
4. Date of Birth/Incorporation
5. Mobile number
6. Email address
7. Address

It is important to note that the new avatar contains a field for mobile number and email address of the tax payer which was not captured in earlier form. This indicates the importance of the mobile number and email address in the scheme of things where all correspondence with the tax authorities will be done only through a faceless mechanism.

Part B of the Form contains the following information:

  1. Information relating to tax deducted or collected at source (TDS/TCS)
  2. Information relating to specified financial transactions (SFT)
  3. Information relating to payment of taxes
  4. Information relating to demand and refund
  5. Information relating to pending proceedings
    6. Information relating to completed proceedings
  6. Any other information in relation to sub-rule (2) of rule 114-I

Information against point numbers 1, 3 and 4 continue to be the same as in the earlier form

Before submitting an ITR, a taxpayer must compare his actual transactions to the transactions recorded on his Form 26AS. This will reduce the number of mistakes caused by the absence of specific transactions while filing ITR.

Information relating to specified financial transactions :-

Rule 114E of the Rules read with Section 285BA of the Income-tax Act casts an obligation on different categories of persons to report certain financial transactions carried on by a class of persons. Basis this report furnished by different categories of persons mentioned in the Rule, a statement of financial transactions carried out by a person during a particular year will be collated and be a part of the Form 26AS of the tax payer.

Transactions that would now form a part of Form 26AS.

  1. Payment made incash for purchase of bank drafts or pay orders or banker’s cheque of an amount aggregating to Rs 10 lakh or more in a financial year, payments made incash aggregating to Rs 10 lakh or more during the financial year for purchase of pre-paid instruments issued by the Reserve Bank of India under section 18 of the Payment and Settlement Systems Act, 2007 (51 of 2007), and cash deposits or cash withdrawals (including through bearer’s cheque) aggregating to Rs 50 lakh or more in a financial year, in or from one or more current account of a person.
  2. Cash deposits aggregating to Rs 10 lakh or more in a financial year, in one or more accounts (other than a current account and time deposit) of a person.
  3. One or more time deposits (other than a time deposit made through renewal of another time deposit) of a person aggregating to Rs 10 lakh or more in a financial year.
  4. Payments made by any person of anamount aggregating to Rs 1 lakh or more in cash; orRs 10 lakh or more by any other mode, against bills raised in respect of one or more credit cards issued to that person, in a financial year.
  5. Receipt from any person of an amount aggregating to Rs 10 lakh or more in a financial year for acquiring bonds or debentures issued by the company or institution (other than the amount received on account of renewal of the bond or debenture issued by that company).
  6. Receipt from any person of an amount aggregating to Rs 10 lakh or more in a financial year for acquiring shares (including share application money) issued by the company.
  7. Buy back of shares from any person (other than the shares bought in the open market) for an amount or value aggregating to Rs 10 lakh or more in a financial year.
  8. Receipt from any person of an amount aggregating to Rs 10 lakh or more in a financial year for acquiring units of one or more schemes of a mutual fund (other than the amount received on account of transfer from one scheme to another scheme of that mutual fund).
  9. Receipt from any person for sale of foreign currency including any credit of such currency to foreign exchange card or expense in such currency through a debit or credit card or through issue of travellers cheque or draft or any other instrument of an amount aggregating to Rs 10 lakh or more during a financial year.
  10. Purchase or sale by any person of immovable property for an amount of Rs 30 lakh or more or valued by the stamp valuation authority referred to in section 50C of the Income-tax Act at Rs 30 lakh or more.
  11. Receipt of cash payment exceeding Rs 2 lakh for sale, by any person, of goods or services of any nature (other than those specified at Sl. Nos. 1 to 10 of this rule, if any.)

This data is compiled based on the information received by the authorities from various sources such as ‘Annual Information Report’, Online Tax Accounting System (OLTAS) and the Central Information Branch of the Government of India.

Verification of details in 26AS :-

While 26AS is your tax passbook it could have unintended errors. Therefore, while preparing your ITR you must tally the income details and tax deducted shown in the Form 26AS with the details as per your records. If there is a discrepancy between the amount of income or the amount of TDS, this will generate an income tax notice against the taxpayer. This practice is essential to prevent a tax department’s scrutiny if there is a discrepancy between your return and Form 26AS.

How the reporting of this information will help the tax payer?

A tax payer can verify his actual transactions with the transactions reported in his Form 26AS before filing his ITR. This will minimise the errors on account of omission of certain transactions while filing ITR.as this will serve as a ready reckoner. At the same time, it will not be possible to conceal the effect of any such transaction that it may have on the ITR.

It is important to note that while these transactions are perfectly legitimate, the authorities will now be able to verify the amount spent vis-à-vis your income. Let us say a person declares his income as below Rs 5 lakh but his credit card spends are more than Rs 10 lakh. From now, such situations will be apparent from the tax payer’s Form 26AS.

Information related to pending and completed proceedings :-

A new feature of the Form 26AS is that information related to all pending and completed proceedings for that particular assessment year will be available at a glance. This information will help the tax payer to match his records with the data being uploaded by the tax authorities.

Steps to easily download Form 26AS on the new Income Tax Portal :-

Step 1: Go to the income tax portal

https://www.incometax.gov.in/iec/foportal/

Step 2: Click on log in link in the top right corner of Home Page.

Step 3: Now enter your User ID which can be your PAN or Aadhaar number

            and click on ‘Continue’.

Step 4: Now go to the ‘e-File’ section and click at ‘View Form 26 AS (Tax

             Credit)’ link
Step 5: Read the disclaimer carefully and click at ‘Confirm’ button

Step 6: After clicking at the ‘Confirm’ button of disclaimer, you will be

            redirected to the TDS-CPC website

Step 7: At TDS-CPC website, agree to the acceptance of usages and click at

           ‘Proceed’ option

Step 8: Then click at ‘View Tax Credit (Form 26AS)’ option;

Step 9: Select the assessment year

Step10: Select ‘View Type’(HTML, Text or PDF);

Step 11: Click at ‘View/Download’; &

Step 12: Your Form 26As will be displayed on the computer monitor or the

              cell phone screen.

BIO of Author:-

CA JAYPRAKASH PANDEY

The author, CA Jayprakash Pandey is a practicing Chartered Accountant (Founder of Jayprakash P & Company) having Office at Mumbai, with more than 5 years of professional cum practical experience, Direct Tax, International Taxation, Indirect Tax & FEMA related advisory, litigation & compliance matters.

Disclaimer:

The purpose of this is to share knowledge and it is for education purpose only. This does NOT constitute NOR does this form part of neither it is to be construed as, A LEGAL OPINION. The analysis is solely based on the reading abilities of the Author. They may be correct/incorrect as per you. No representation or warranty, express or implied, is made or given in respect of any information provided. UNDER NO circumstances should any recipient rely on this communication as a basis for any legal decision. The views expressed are of personal to the author. They do not reflect the views of any organization he may be directly/indirectly associated with. Neither author nor any of its affiliates accepts any legal liability, or responsibility, for, or provides any assurance or guarantee of accuracy, authenticity, completeness, correctness, dependability, reliability, suitability or timeliness of, any part of this article. The contents of this article are based only on the understanding of the Law, Rules, Notifications, etc. of the author and THEY ARE NOT BASIS FOR ANY LEGAL OPINION.

All About Mobile App Launched by the Income Tax Department

With phones widely used, the department has claimed that new IT return e-filing portal and the new mobile app will be easy to use for taxpayers. It will help taxpayers to gather information like ITR form, pre-filled income tax details, Saral income tax facility, refund claim and other facilities. The mobile app has various other features like Locate a Tax Return Preparer near you, Tools for calculating your taxes, ASK IT – A ChatBot, Tax Gyaan – A Game; and a lot more. How to Install

  • Give a missed call on +91-7306 52 52 52
  • The Department will SMS the installation link 

Install it from the Portal

Accumulated Savings are Acceptable Reason u/s 69A for Cash Deposit upto Rs 2.5 Lacs by Housewives under Demonetization: ITAT

Agra ITAT upholds cash deposit of Rs. 2.11 lacs into bank account during demonetisation period by the Assessee-individual for AY 2017-18; Assessee is a housewife having no source of income and claimed that the cash deposited into the account are sourced from her earlier years savings.

During scrutiny, Revenue made the addition of Rs. 2.11 Lacs u/s 69A r.w.s. 115BBE on the belief that a person having no source of income cannot accumulate such amount, which was further upheld by National Faceless Appeal Centre.

ITAT accepts Assessee’s submission that due to the declaration made by the Prime Minister followed by a CBDT public notice dated November 18, 2016 if the deposits made by housewives were upto Rs.2.5 lacs, Revenue could not probe such deposits. Also, ITAT takes note of Instruction No. 03/2017 dated Feb 21, 2017 listing the guidelines for verification of cash deposit during demonetization.

ITAT remarks that Government of India considered various aspects of a women’s life in India while issuing the CBDT notice giving exemption to bank deposits upto Rs.2.5 Lacs by individual or housewives having no business income. Further, analyses Section 69A and states that the Revenue did not bring any document/ evidence on record to show that the Assessee was having any income from any other source and the section requires that money or other asset must be ‘found’ and the Assessee is found to be the owner of the same.

Thus, ITAT holds that since Assessee duly explained the source of deposit, it is for the AO to bring on record some cogent evidence to prove the amount deposited in the bank was undisclosed income arising from the business or from any other activities.

NEW TDS PROVISION ON PURCHASES OF GOODS- FROM 1ST. July 2021

NEW TDS PROVISION ON PURCHASES OF GOODS-194 Q – ANALYSIS OF SECTION 194Q

A new provision of TDS is coming into force on the purchase of “goods” with effect from 1st July 2021

Read Pdf

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15 Point Summary of New Income Tax E-filing Portal

(1.) The new IT Portal gets information/ data/ linkages from various other authorities such as BANKS, CIBIL, CAMS, TRACES, CDSL, IRDA, GSTN, STOCK EXCHANGES.

It is possible that the data obtained from above will be soon appearing in Form 26AS.

(2.) It is likely that for faster refunds, there would be automatic 18-20 validation stages/ model wherein if the assessee passes through it refund would be issued.

(3.) Figures of following will be appeared:I

NSURANCE PREMIUMB/ ANK INTEREST

SALE/ PURCHASE OF SECURITIES/ PPF CONTRIBUTIONS.

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(4.) PAN application will soon be online without any additional charges. An E-PAN can be downloaded.

(5.) Going forward it seems that they would have an option on the portal that a person can view whether other person has filed his IT return or not.

(6.) Going forward the new portal will also verify whether PAN Number is correct or not. This may reduce TDS notices for wrong PAN’s.

(7.) Authorised Person can be assigned by the assessee.

(8.) A transaction ID will be generated when CAs accept the Form 15CB and will also receive an email. Do keep a record of it.

(9.) All the manual Form 15CA/ 15CB will have to be filled online on portal at a later stage when the website permits.

(10.) Since the new portal has an option of TDS/ TCS deductor and collector it seems that TRACES website will be done away wilth going forward.

(11.) Though Traces and IT Portal are linked, you will be able to file TDS Returns for Q4. If not it is advised to file offline.

(12.) Please download new DSC Management Utility from the new portal.

(13.) A nice summary of last 8 years IT Returns filed can be downloaded in excel file.

(14.) Based on PAN No, various applicable IT Forms will be appeared, however if any form is applicable and not appearing on the tab due to upgradation it is advised to raise Grievance.

(15.) E-Proceedings, DSC Registration and re-registration option for Trusts (12AA, 80G, etc.) is presently not functional and there are still many challenges on the new IT portal such as data not being saved, mismatch of data based on Aadhar and Pan, Authorised Representative (legal heir), UDIN Updates, etc.

On a positive note:

A great Data Analytics measure initiated by the Finance Ministry.

Be Patience as Change is Inevitable.

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Finance Ministry to Hold Meeting with Infosys on Issues in the New Income Tax E-filing Portal

Senior Finance Ministry officials to hold interactive meeting with Infosys on 22nd June, 2021 on issues in the new IT e-Filing portal. Stakeholders including ICAI members, auditors, consultants & taxpayers to be part of the interaction. Infosys team to clarify on glitches faced.

Karnataka Taxpayers Association Represents Ministry of Finance for a Sensitive Issue of Taxation Sector

As we all know that CBDT had launched new Income Tax E-filing Portal incometax.gov.in which was crashed in an hour of launching and till date, the same has not been repaired.

Ministry of Finance spends Rs. 4242 crore for this new e-filing portal

So in this complicate situation, Karnataka Taxpayers Association represents the Ministry of Finance and says that government could update running old income tax portal which will be highly appreciated move and will be easy friendly to the taxpayers.

The copy of official press note issued by the association is as under:

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Section 194Q of the Income Tax Act 1961: Tax Deduction on Purchase of Goods

The Finance Act, 2021 has introduced new section 194Q which is effective from 1st July 2021. The provisions of new section 194Q require the specified buyer to deduct TDS on the purchase of goods from the resident seller.

The present article covers briefing of provisions of section 194Q section applicability with examples, rates, exemption and other important aspect of section 194Q.

(1.) Applicability of Provision:

  • The buyer is responsible for making payment of a sum to the resident seller; and
  • Such payment is to be done for the purchase of goods of the value/ aggregate of the value exceeding INR 50 Lakhs in any previous year.

Here, Buyer Means a person whose total sales, gross receipts or turnover from the business carried on by him exceed ten crore rupees during the financial year immediately preceding the financial year in which the purchase of goods is carried out, not being a person, as the Central Government may, by notification in the Official
Gazette, specify for this purpose.

(2.) Time of deduction:

TDS on purchase of goods is to be deducted by the buyer within earlier of the following dates-

(a) At the time of credit of the sum into the account of the seller; or

(b) At the time of payment of the sum thereof.

(3.) Rate of TDS deduction under Section 194Q:

The buyer is liable to deduct TDS at the rate of 0.1% of the purchase value above INR 50 Lakhs.

However, in case the Permanent Account Number (PAN) of the seller is not available. Then, the buyer would be liable to deduct tax @5%.

(4.) Not applicable in following case:

The provisions of this section shall not apply to a transaction on which—

(a) tax is deductible under any of the provisions of this Act; and

(b) tax is collectible under the provisions of section 206C other than a transaction to which sub-section (1H) of section 206C applies (TCS on sale of Goods).

Some important transaction and 194Q applicability:

(a) 194Q is applicable to purchase of all goods whether on capital or on revenue account.

(b) In case of Import there is no need to deduct TDS under this section. Since the payment is to be made to resident seller then 194Q applies.

(c) In case of Branch Transfer the existence of two distinct parties as ‘seller’ and ‘buyer’ is a pre-requisite to construe a transaction as a purchase. Hence in case of branch transfer the person are same. Hence no liability to deduct TDS under this section.

(d) In case the buyer fails to comply with the tax deduction provisions covered under section 194Q. Then, as per the provision of section 40a(ia), there would be disallowance of expenditure up to 30% of the value of the transaction.

(e) Tax so deducted shall be deposited with government by 7th day of subsequent month.

About the Author:

The Author’s name is CA Vinay Pungaliya. The author is partner at Bothra Pungaliya & Associates, Jodhpur.

Note: Information published in the Update is taken from publicly available sources/government notification, public documents and is believed to be accurate This is solely for educational purpose. Since it is new section and there are chances of many interpretational view. Hence suggestion and feedback are welcomed.

IT Return Filing: These Taxpayers May Have to Pay Double TDS from Next Month

There are certain rules about to change from July 1, 2021 in accordance with the announcements made in the Union Budget and as per Finance Act 2021. One of the important changes that will come into effect from next month is related to your income tax returns filing. Come July 1 and you may have to pay double Tax Deducted At Source (TDS) in case you have failed to file your TDS for the last two years.

Starting from July, some taxpayers may have to pay Tax Deducted At Source (TDS) at higher rates. According to Finance Act 2021, if a taxpayer has not filed TDS in the last two years and TDS deducted each year exceeds of Rs 50,000, the Income Tax department will charge more while filing the income tax returns (ITR) from July 1.

The new rule will not apply in these cases

However, the newly applicable section 206AB will not be applicable for TDS deducted under section 192 for withdrawal from salary or provident fund under section 192A. TDS on winnings under section 194B or 194BB by way of card game, crossword, lottery, puzzle or any other game and horse race will not come under the ambit of the new section. It will not be applicable for TDS on income against investment in Securitization Trust u/s 194N and cash withdrawal exceeding Rs.1 crore under section 194N.

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CBDT Provides Relaxation in Electronic Filing of Income Tax Forms 15CA/ 15CB

In view of the difficulties faced by taxpayers in filing Income Tax Forms 15CA/ 15CB on the new Income Tax E-filing Portal, the CBDT has provided relaxation in electronic filing of these forms.

The Official Press Release is attached as under:

CBDT Notifies IIT Bhilai for the Purpose of Section 35 of the Income Tax Act Read With Rule 5C and 5E of the Income Tax Rules

The Central Board of Direct Taxes (CBDT) notified the M/s Indian Institute of Technology (IIT), Bhilai for Scientific Research and Research in Social Science and Statistical Research for the purposes of clauses (ii) and (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 read with rules 5C and 5E of the Income-tax Rules, 1962.

Section 35 of the Income Tax deals with the expenditure on scientific research.

PAN of the institute: AABAI0415K

This Notification shall be deemed to have been applied for the assessment year 2021-2022 and shall apply with respect to the assessment years 2022-2023, 2023-2024, 2024-2025 and 2025-2026.

Things to be First Done on New Income Tax E-filing Portal

As the new e-filing portal of income tax is now live, here are the list of things/ actions to be first done on new portal:

(1.) Re-register your DSC,

(2.) Reset e-filing vault high security options,

(3.) Update your personal mobile number and email id under primary contact in your profile,

(4.) Link aadhaar & pre-validate your bank account, if not done previously,

(5.) Act on “Pending Action” and

(6.) Respond to outstanding demand.

Picture attached for your kind reference:

New Income Tax E-filing Portal is Now Live

Income Tax Department today launched its new e-filing portal. However the portal was crashed at the time of launch but the team has managed the same. Now the portal is live and can be accessed at www.incometax.gov.in

Income Tax Department has also released a video to guide stakeholders about the portal. The video can be viewed by