ICAI Representation to CBDT To extend Tax Audit Due Date : ICAI gave Representation to CBDT for Extension of last date for Tax Audit Reports and ITR from 30 Sept. 2018 to 31 Oct. 2018
The ICAI has submitted a Representation to the CBDT requesting for extension of last date for submission of Tax Audit Reports and Income Tax Returns from 30 September, 2018 to 31 October, 2018 in the case of corporate assesses and where tax audit is applicable.
In the interest of the nation as a whole, we suggest and request that the due date of filing returns of income under section 139(1) of the Income Tax Act, 1961 for assesses mentioned under clause (a) of Explanation 2 to section 139(1) and also the ‘specified date’ for filing tax audit reports to be extended from 30th September, 2018 to 31st October, 2018 for A Y 2018-l.9.
As you may be kindly aware, tax audit under section 44AB of the Income-tax Act, 1961 is one of the important areas, for which ICAI has always been consulted by the CBDT before making any change in the format of tax audit reports. This was so, since tax audit is exclusively conducted by Chartered Accountants, which makes them the only stakeholder.
Even though ICAI’s suggestions were sought for revision of the forms of tax audit, and the DTC of ICAI had submitted such suggestions long back, but the changes have been affected too late and it would have been more beneficial both for the revenue and ICAI, had we been given the opportunity to partner the Department while finalizing the new formats.
The practice of sharing and consulting ICAI on the final format of tax audit report before notifying has been followed in past years and was expected this year also.
Nevertheless, we hope and request you to involve ICAI, before notifying any such important document. It is pertinent to mention that even the Ministry of Corporate affairs shares and seeks comments on every such important document from ICAI.
We sincerely request you to consider our suggestions and involve us in matters concerning Chartered Accountants at an early stage so that we are able to contribute and avoid such issues. We are hopeful for a positive consideration of our suggestions.
Disclaimer : Copy of representation is officially not available on ICAI’s website.