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Overworked and underfunded, IRS struggles to carry out core mission


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Last week, the Internal Revenue Service (IRS) was inundated with millions of returns from taxpayers who received a brief reprieve with the 30-day extension of the tax filing deadline to May 17. While nobody professes love for the IRS, it is important to recognize the government agency that has been working tirelessly since the beginning of the COVID-19 pandemic and has shouldered a much-expanded workload. While more than 158 million American households wait for the latest round of stimulus checks administered by the agency, the IRS also continues with its usual tax administration duties. Not surprisingly these herculean tasks have highlighted the agency’s prior struggles and needs, drawing the attention of both the Biden administration and Congress. ....

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Govt waives late fee on delayed filing of March, April GSTR-3B, tax payment


The government has waived late fee on delayed filing of monthly return GSTR-3B and tax payment for the months of March and April and also cut interest rate for late filers.
Taxpayers with a turnover of over Rs 5 crore have been given 15 days extra time to file monthly summary return GSTR-3B and pay taxes without paying any late fees.
They would be required to pay a lower 9 per cent for these 15 days, after which the rate would be 18 per cent.
While those with a turnover up to Rs 5 crore in the preceding financial year have 30 days more time from their original due date for filing 3Breturns for March and April, with late fee waiver. Interest rate would be Nil for the first 15 days, post which it would be 9 per cent. After 30days, a 18 per cent interest would be levied. ....

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