THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
- As on the even date, certain forms like Form No. 3CEB are not available on the IT Portal. In filling up the other forms, difficulties are encountered. As regards, certain other forms like 10C, 10B, difficulties are still continuing.
- - Further, considering the current situation of lockdowns and extremely fast spread COVID19 and consistent issues being faced in the operation of the new portal, compliance is meeting with hindrances.
- In the matter of audits including tax audits, the ICAI members have onerous responsibility to maintain and enhance the quality of reports. The Government is well aware that the Institute has the responsibility of ensuring and enhancing the quality of services provided by its members to clients and other stakeholders. In fact, the prime objective of a tax audit is to assist the assessing officer to determine income from business or profession. It is also necessary to emphasize for your kind appreciation that in the context of audit requirements, the Chartered Accountants are also the stakeholders.
- Clustering of due dates have also added to the problems already faced.
Under the circumstances, adherence to the extended due dates may not be possible. The majority of the assessees would be unable to meet the extended timeline (s) w.r.t various compliances under the Income-tax law, albeit involuntarily due to pandemic.