ICAI writes to CBDT for waiver of penalty on late filing of income tax audit reports
According to an official statement, the Institute of Chartered Accountants of India (ICAI) has requested that the Central Board of Direct Taxes (CBDT) to waive the penalty for furnishing an audit report after January 15 under any provision of the Income Tax Act for the Assessment year 2021-22.
The representation was made last Thursday to the chairman of CBDT. “This is because of outbreak of the pandemic and consequently taxpayers are finding difficulties in completing data for completing accounts, confirmations, reconciliation and prepare inputs for compiling tax audit report,” said the statement.
The ICAI also mentioned the non-availability of some forms and the difficulty in filing others. Compliance is being hampered by the current situation of lockdowns and the extremely rapid spread of Omicron/ Covid 19, as well as persistent technical glitches in the operation of the new portal, according to the ICAI.
“Issues like non-availability of Form No. 3CEB and difficulties in filing forms like 10C and 10B are still continuing. Taxpayers are finding difficulties in completing data for completing accounts, confirmations, reconciliation and prepare inputs for compiling tax audit report,” quoted an ICAI statement.
“Therefore, the ICAI has requested that the penalty and other consequences should be waived off for filing tax audit reports and other reports/certificates for assessment year 2021-22 till 31 March, 2022,” the statement said.
On January 8, many CA associations from Mumbai, Ahmedabad, Chennai, and Lucknow wrote to the CBDT and the Finance Ministry, requesting an extension of the deadline for filing tax audit reports and income tax returns.
The deadline for filing an ITR for AY 2021-22 was December 31, 2021. Those who missed the deadline for filing their returns can do so until March 31, 2022. A delayed return, on the other hand, will be subject to late-filing penalties of up to Rs 5,000 under Section 234F of the Income Tax Act.
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