ICAI wrote to CBDT requesting that the fine for late delivery of income tax audit reports be waived

ICAI wrote to CBDT requesting that the fine for late delivery of income tax audit reports be waived

“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,” Bloomberg Quint quoted an ICAI statement as saying. On January 8, 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. Notably, the deadline to file ITR for AY 2021-22 expired on December 31, 2021. Those who missed the last date to submit their returns can file a belated return till March 31, 2022. However, a belated return will attract late-filing fees of up to Rs 5,000 under Section 234F of the Income Tax Act.

The ICAI cited recent technical issues and the unavailability of certain forms as factors for its request for a penalty waiver in its letter. The Institute of Chartered Accountants of India (ICAI), the country’s largest accounting organization, has written to the Central Board of Direct Taxes (CBDT) requesting that the penalty for late filing of income tax returns be waived. The letter, submitted to the head of the direct taxation body, requested that the late-submission charge and other penalties imposed on individuals who filed their Report of Audit for the assessment year 2021-22 after January 15 be reconsidered. The ICAI cited recent technical problems and the unavailability of various forms as reasons for its demand in its letter.

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