ICAI demands withdrawal of fines by March 31 of tax audit report

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

The head of accounting rules, the Institute of Certified Public Accountants of Republic of India (ICAI), has urged the Central Board of Direct Taxes (CBDT) to waive the penalty for providing audit reports when 15 January below any provision of revenue enhancement law for the applicable tax year, a political candidate statement aforesaid. Representation was created last Thursday by the chairman of the CBDT.

“This is thanks to the occurrence of the pandemic and as a result, it’s tough for taxpayers to complete the info to complete the accounts, confirm, reconcile and prepare the input for the preparation of the audit report tax,” the statement aforesaid.

ICAI additionally discovered the non-availability of bound forms and difficulties in filing bound others. Considering this scenario of lockdowns and very quick unfold of Omicron/Covid-19 and consistent technical glitches being two-faced within the operation of the new portal, compliance is meeting with hindrances, ICAI said.

The sponsoring body of chartered accountants ICAI requested that the tax audit report be filed while not penalty by March thirty-one, citing the corona virus pandemic scenario and “ongoing technical problems” encountered in exploitation Use the new IT portal.

In this regard, the Institute of Chartered Accountants of the Republic of India (ICAI) has submitted an illustration to the Chairman of the Central Board of Direct Taxes (CBDT), J B Mohapatra.

ICAI has requested the lifting of penalties and alternative consequences for the submission of tax audit reports and alternative reports/certificates for YY (valuation year) 202122 till March thirty-one, 2022.

Taxation for YY 202122 is January fifteen. In a statement issued Sunday, ICAI aforesaid that thanks to the pandemic, taxpayers have had issues finishing information to complete accounts, certifications, Review and prepare input for the preparation of tax audit reports.

“Problems like 3CEB type not being on the market and issue finishing forms like 10C and 10B persists. “Additionally, with this imprisonment scenario and also the extraordinarily speedy unfold of Omicron/COVID19 and also the current technical problems encountered within the operation of the new portal, compliance is impeding”, the statement aforesaid.

The illustration was filed with the CBDT on Epiphany.

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