ICAI Seeks Waiver of Penalty on Late Filing of Tax Audit Reports

The Institute of Chartered Accountants of India (ICAI) has sought waiver of the penalty levied on late filing of income tax returns in a letter written to the Central Board of Direct Taxes (CBDT).

On 8th January, a number of CA associations with members from cities like Mumbai, Ahmedabad, Chennai and Lucknow wrote to the CBDT and Finance Ministry seeking an extension of the deadline to file tax audit reports and income tax returns.

In its letter, ICAI has pointed the recent technical glitches as the reasons for demanding a penalty waiver and has sought a reconsideration of the late-submission fee and other penalties that will be imposed on those filing Audit Report after 15th January, 2022 for financial year 2020-21.

“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,” ICAI statement said.

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Knowledge Source :

Legal Notice Issued to Income Tax Department For Not Extending ITR Filing Due Date

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