CAs appeal to Govt for Tax Audit Due Date Extension, Starts Hashtag Campaign in Twitter

CBDT Tax Audit - Taxscan

The Chartered Accountants all over India is requesting the Government to extend the tax audit due date for the current assessment year. As the due date is going to expire within seven days, the auditors and tax professionals are under pressure to achieve the deadline.

The tax professionals have even started a campaign in the social media with a hashtag #ExtendAuditDueDate requesting an extension from the Government.

The last date for filing income tax for other persons was 31st August 2018. Apart from filing the returns and audit reports, the tax professionals are also busy in fulfilling their compliance responsibilities under the Goods and Services Tax (GST) laws which consumes all their time. Further, the last date for filing form DIR-3 KYC without fee has expired on 15th September.

The technical glitches and the shutting down of GST, MCA, and income tax websites make return filing a nightmare to the tax professionals.

Considering the situation and burden on its members, the Institute of Chartered Accountants of India ( ICAI ) has submitted three representation to the Central Board of Direct Taxes (CBDT) for an extension. The ICAI requested the Board to extend the last date for filing returns to 31st October 2018 and to extend the deadline for furnishing Tax Audit Reports.

Unlike the past years, there are severe consequences to the specified assessees for not meeting the deadlines of TAR or filing of returns. The non-filing of TAR would result in the heavy penalty under section 271B, for failure to furnish return by the due date, disallowance of deductions.

However, communication has been issued from the Government’s side to confirm an extension.

Amidst all these, the CBDT has issued an advisory to the taxpayers to file tax returns and tax audit reports within the due date.

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