ICAI writes to CBDT seeking waiver of penalty on late filing of income tax audit reports









The Institute of Chartered Accountants of India (ICAI), the largest accounting body representing CAs across the country, has written to the Central Board of Direct Taxes (CBDT) seeking waiver of the penalty levied on late filing of income tax returns.

The letter, that was addressed to the chairman of direct taxation body, sought a reconsideration of the late-submission fee and other penalties that will be imposed on those filing Report of Audit for assessment year 2021-22 after January 15.


ICAI, in its letter, pointed towards the recent technical glitches and unavailability of certain forms as the reasons behind its demand for a penalty waiver.

"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,

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 Income Tax Act.




Download our App to get knowledge updates: https://play.google.com/store/apps/details?id=com.app.gstmitra



Join Our Telegram Channel for more updates:https://t.me/praveengst






















Comments

Post a Comment

Popular posts from this blog

Centre appeals against ruling on levy of GST on maintenance charges to resident welfare associations

Image
  The Centre has preferred a writ appeal before the Madras High Court against a single judge's order that flat or villa owners paying more than ₹7,500 a month towards maintenance charges to their residents’ welfare associations must pay Goods and Services Tax (GST) at the rate of 18% only for the amount exceeding ₹7,500 and not for the entire monthly contribution. Justices T.S. Sivagnanam and Sathi Kumar Sukumara Kurup on Wednesday allowed an application filed by the Centre to dispense with production of a certified copy of the judgment passed by Justice Anita Sumanth recently and directed the Registry to list the appeal for admission in the usual course. Justice Sumanth had in July this year quashed an order passed by the Authority for Advance Ruling (AAR) on June 21, 2019 as well as a consequent circular issued by the Department of Revenue under the Union Finance Ministry on July 22, 2019 since both of them had insisted upon collecting GST for entire monthly contribution. The jud...
Read more

Seven key things to know before filing income tax return (ITR) for FY21

Image
  The last date to file income tax return for the financial year 2020-21 has been extended to September 30, 2021. Although there is more than two months left for the deadline to end, it is always recommended to complete the task as soon as possible and not to wait for the last minute. Worth mentioning here is that the income tax department last month launched a new e-filing portal (www.incometax.gov.in) to speed up the processing of tax returns. The I-T department will soon launch a mobile application, having all the features of the new portal. This year taxpayers have to take care of the following changes in the ITR filing process. 1) A new utility named JSON has been launched for filing tax return forms for FY21. At present, only three forms, ITR 1, 2 and 4 have been released. These new forms will import pre-fill data such as personal details, salary income, dividend income, interest income, capital gains and all the information available in Form 26AS. 2) Taxpayers will have the ...
Read more

Income Tax Dept detects ₹350 cr unaccounted cash receipts after raid in Rajkot

Image
  The Income Tax Department carried out a search and seizure operation on a real estate group based in Gujarat's Rajkot and found unaccounted cash receipts in various projects of approximately ₹350 crore, the Finance Ministry said on Friday. The group is among Gujarat’s prominent real estate builders and developers and is actively engaged in real estate, construction and land trading businesses in and around Rajkot. More than 40 premises were covered in the search operation. During the course of operation, many incriminating documents and digital evidences were seized indicating involvement of the group in unaccounted transactions. The IT sleuths found substantial evidence of transactions outside the regular books of accounts, unaccounted cash expenses, cash advances received and interest paid in cash. Evidence of on-money payments in real estate projects-flats, shops and land deals has also been found. Total unaccounted cash receipts in various projects of approximately ₹350 crore...
Read more