Volume 2 Issue 7

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A letter seeking waiver of penalty for late filing of income tax audit report has been written by ICAI to CBDT

Date of News: 

09-01-2022

Date of Publication: 

10-02-2022

Unique ID:

202281535

Name of the Author: 

Priyanka Sharma

Field of Law: 

Law of Taxation

Content of News:

The largest accounting body representing Cas across the country, i.e. The Institute of Chartered Accountants of India (ICAI) has written to the Central Board of Direct Taxes seeking waiver of the penalty levied on late filing of income tax returns. The late submission fee and other penalties that will be imposed on those filing Report of Audit for assessment year 2021-2022 after January 15 was sought for reconsideration in the letter that was conveyed to the chairman of direct taxation body. As the reasons behind its demand for a penalty waiver, ICAI, in its letter, pointed towards the recent technical glitches and unavailability of certain forms As per an ICAI statement saying that has been quoted by Bloomberg Quint, issues like non-availability of Form No. 3CEB and problems in filing forms like 10C and 10B are still continuing. Difficulties are also faced by the taxpayers in completing data for completing accounts, confirmations, reconciliation and prepare inputs for compiling tax audit reports. A number of CA associations with members from cities like Mumbai, Ahmedabad, Chennai and Lucknow on January 8, has written to the CBDT and Finance Ministry seeking an extension of the time limit to file tax audit reports and income tax returns. Though the last date to file ITR for AY 2021-2022 expired on December 31, it can be filed by those who missed the last date till March 31, 2022. However, a late filing will attract fees of up to Rs 5,000 under Section 234F of Income Tax Act.

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