ICAI request waiver of Penalty for delay in filing Income Tax Audit Reports

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 AY 2021-22 after January 15 , 2022 .

This is because of outbreak of the pendamic 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 .