The Institute of Chartered Accountants of India (ICAI) has asked the government to waive all penalties and punishments relating to the late filing of tax audit reports till March 31. The body which represents almost all chartered accountants in India has said in its submission that the COVID-19 pandemic and continued existence of glitches on the Income Tax portal have caused several delays.
The ICAI has submitted its representation to Central Board of Direct Taxes (CBDT) Chairman J B Mohapatra formally asking for the waiver of fines and punishments on the late filing of tax audit reports and other reports / certificates for AY (Assessment Year) 2021-22, until March 31, 2022.
The body said that due to the resurgent spike in COVID-19 cases and the Omicron scare, it was becoming hard for taxpayers to complete accounts, make confirmations and reconciliation, and prepare inputs for compiling tax audit reports. This was only exacerbated by the numerous glitches on the IT portal.
"Issues like non-availability of Form No 3CEB and difficulties in filing forms like 10C and 10B are still continuing. Further, considering the current situation of lockdowns and extremely fast spread of Omicron / COVID-19 and consistent technical glitches being faced in the operation of the new portal, compliance is meeting with hindrances,” ICAI stated in a release.
The last date for submitting reports, certificates, audits or any other document under the provisions of the Income Tax Act for the AY 2021-2022 is January 15.
(Edited by : Thomas Abraham)
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Phase five Lok Sabha polls: Rae Bareli, Amethi among 14 UP seats going to polls on Monday
May 19, 2024 1:03 PM
AAP protest walk: Arvind Kejriwal challenges BJP to arrest entire party, Delhi Police imposes Section 144
May 19, 2024 12:26 PM
Terror attacks in Kashmir raise concerns ahead of May 20 and May 25 election
May 19, 2024 12:15 PM