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Home / Business / Institute of Chartered Accountants of India to waive off late fine

Institute of Chartered Accountants of India to waive off late fine

Central Board of Direct Taxes in a statement says that the due date for filing tax audit reports is extended till January 15, 2022
Direct Tax Professionals' Association have also sought extension of the due date for furnishing tax audit reports.
Direct Tax Professionals' Association have also sought extension of the due date for furnishing tax audit reports.
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A Staff Reporter   |   Calcutta   |   Published 10.01.22, 02:08 AM

The Institute of Chartered Accountants of India (ICAI) has made a representation to the Central Board of Direct Taxes (CBDT) to waive off penalty for filing tax audit reports for the assessment year 2021-22 till March 31, 2022.

The CBDT in a statement on September 9, 2021, had said that the due date for filing tax audit reports is extended till January 15, 2022, from October 31, 2021.

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“It is humbly requested that the penalty and other consequences should be waived off for filing tax audit reports and other reports/certificates for AY 2021-22 till 31st March 2022,” Chandrashekhar V. Chitale, chairman, direct taxes committee, ICAI said in a letter to J.B. Mohapatra, chairman, CBDT.

The representation is in the context of the rising cases of Covid in the country and the challenges with the new income tax portal.

Under section 271B of the Income Tax Act, if any assessee who is liable to get his accounts audited and fails to do so before the due date, he will be liable for a penalty of 0.5 per cent (one half per cent) of the turnover or the gross receipts up to a maximum penalty amount of Rs 1,50,000.

Chitale told The Telegraph that chartered accountants are facing difficulties with the income tax portal and it is still difficult to upload records. “Ground realities should be taken into consideration by the government officials. There are still various difficulties concerning the income tax portal,” he said.

Direct Tax Professionals' Association have also sought extension of the due date for furnishing tax audit reports.

The government had earlier ruled out extending the deadline for filing of income tax returns beyond December 31, 2021 saying there were no problems faced by taxpayers in filing returns.



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