ICAI seeks waiver of penalty for filing of tax audit till 31st March 2022

Last updated: 10 January 2022

Quick Summary
The Institute of Chartered Accountants of India (ICAI) has formally requested the Central Board of Direct Taxes (CBDT) to waive penalties for tax audit report filings for Assessment Year 2021-22. This plea is made due to the ongoing challenges faced by taxpayers in compiling data and completing reports, exacerbated by the pandemic, technical issues with the new portal, and the rapid spread of Omicron.

ICAI submits representation to CBDT requesting to consider 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.

ICAI Seeks Penalty Waiver for Tax Audit Filings

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.

FAQ :

The ICAI is requesting a waiver of penalties and other consequences for filing tax audit reports and other related reports/certificates for AY 2021-22 until March 31, 2022.

The ICAI cited difficulties faced by taxpayers due to the pandemic, including challenges in data compilation, account completion, obtaining confirmations, reconciliation, and preparing inputs for tax audit reports.

Issues include the non-availability of Form No. 3CEB, difficulties with filing forms like 10C and 10B, ongoing lockdowns, the rapid spread of Omicron/COVID-19, and persistent technical glitches with the new tax portal.

The waiver is being sought for Assessment Year 2021-22.

The representation was submitted to the Chairman, CBDT on January 6, 2022.



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