ICAI requests CBDT for waiver of penalty for filing of tax audit reports for AY 2021-22 till 31st March, 2022

The Institute of Chartered Accountants of India has submitted a representation on 6th January, 2022 to Chairman, CBDT requesting to consider waiver of penalty and other consequences for furnishing of Report of Audit under any provision of the Income-tax Act, 1961 for the A. Y. 2021-22 after January 15, 2022.

This is because of outbreak of the pandemic and consequently taxpayers are finding difficulties in completing data for completing accounts, confirmations, reconciliation and prepare inputs for compiling tax audit report.

Further, issues like non availability of Form No. 3CEB and difficulties in filing forms like 10C and 10B are still continuing. Further, considering the current situation of lockdowns and extremely fast spread of Omicron/COVID19 and consistent technical glitches being faced in the operation of the new portal, compliance is meeting with hinderances.

Therefore, the ICAI has 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.

Source : Equity Bulls

Keywords

ICAI PenaltyWaiver TaxAuditReports CBDT