ICAI seeks waiver of penalty till March 31 for filing tax audit reports

ICAI has requested that penalty and other consequences should be waived for filing tax audit reports and other reports/certificates for AY (Assessment Year) 2021-22 till March 31, 2022.

tax audit, ICAI, ICAI tax audit
The last date for furnishing report of audit under any provision of the Income Tax Act for AY 2021-22 is January 15

Chartered accountants’ apex body ICAI has sought time till March 31 for filing tax audit reports without penalties, citing the coronavirus pandemic situation and “consistent technical glitches” being faced in using the new I-T portal. In this regard, the Institute of Chartered Accountants of India (ICAI) has submitted a representation to Central Board of Direct Taxes (CBDT) Chairman J B Mohapatra. ICAI has requested that penalty and other consequences should be waived for filing tax audit reports and other reports/certificates for AY (Assessment Year) 2021-22 till March 31, 2022.

The last date for furnishing report of audit under any provision of the Income Tax Act for AY 2021-22 is January 15.In a release on Sunday, ICAI said that due to the pandemic, taxpayers are finding difficulties in finalising data for completing accounts, confirmations, reconciliation and prepare inputs for compiling tax audit reports.

“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,” the release said. The representation was submitted to the CBDT on January 6. 

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