The Institute of Chartered Accountants of India (ICAI) and the Taxation Bar Association ( TBA ) has requested the Central Government to extend the due dates for filing Tax Audit Reports and the related returns.
It was further said that from the current Assessment Year non-filing of ITR before the due date will invite late fee uls. 234F of Rs. 1,000/5,000/1-0,000 as the case may be.
“The due date for furnishing annual return along with reconciliation statement under GST law is 31st December, 2018 and Financial Year 2017-18, being the first year of implementation of GST law, said filing is bound to throw up many discrepancies when a professional will verify the correctness of the claims or omissions made by a taxpayer as part of reconciliation statement. Any such rectification in the Annual Return shall obviously impact the computation of income,” the ICAI said.
The ICAI also pointed out the issues in filing Form 61A and other statutory obligations to be finished by this month.
The Taxation Bar Association, Ludhiana also highlighted the above issues in their representation.
“To facilitate the conduct of qualitative filing of Income Tax Returns and Tax Audit Reports smoothly the due date for furnishing the tax audit report and hence the tax return requires to be extended for a month at least,” the TBA said.
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