CBDT requested for waiving of the penalty
CBDT requested for waiving of the penalty The Institute of Chartered Accountants of India has asked for consideration under the Income Tax Act, 1961 The Institute of Chartered Accountants of India (ICAI) recently submitted a representation to the chairman of the Central Board of Direct Taxes (CBDT). It requested considering waiver of penalty and other consequences for furnishing of...
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CBDT requested for waiving of the penalty
The Institute of Chartered Accountants of India has asked for consideration under the Income Tax Act, 1961
The Institute of Chartered Accountants of India (ICAI) recently submitted a representation to the chairman of the Central Board of Direct Taxes (CBDT). It requested considering waiver of penalty and other consequences for furnishing of the Report of Audit under the provision of the Income-Tax Act, 1961 for the Assessment Year 2021-22 after January 15, 2022.
The reason provided was the outbreak of the Covid-19/Omicron pandemics. Consequently, the taxpayers were finding difficulties in furnishing the data for completing the accounts, confirmations, reconciliation, and preparing inputs for the compilation of the tax audit reports.
Also, issues like the non-availability of Form No. 3CEB and difficulties in filing forms like 10C and 10B were still continuing. It further said that considering the current situation of the lockdowns and consistent technical glitches faced in the operations of the new portal, compliance with the deadline posed a hindrance.
