ICAI requests CAs to advise clients to timely approve tax audit reports uploaded by them on the e-filing portal as per word from Income-tax (Systems)
The Department of Income-tax (Systems) has informed ICAI that a large number of tax audit reports have been uploaded by the members but the same have not been approved by the assessees under their digital signatures. The Department is already issuing SMS reminders to taxpayers.
As you are kindly aware that if any person fails to get his accounts audited in respect of any previous year or years relevant to an assessment year or furnish a report of such audit as required under section 44AB, then the Assessing Officer may impose penalty on such person as per the provisions of section 271B of the Income-tax Act, 1961.
Tax audit reports will stand unfurnished as on 31st October, 2017 and may result in initiation of penalty if not digitally approved by the assessee.
Members are accordingly requested to kindly advise their clients to timely digitally approve the reports to avoid such proceedings. Your proactive assistance will facilitate the assessee.
Warm Regards,
Chairman,
Direct Taxes Committee
The Institute of Chartered Accountants of India
Assessing Officer had taken a reasonable stand that 25 kg written in WhatsApp chat/text message was 25 lakh - ITAT…
Shareholders are only owners of the shares of the company therefore, income from properties earned by the company cannot be…
When approval for reassessment was granted by unauthorised authority, such jurisdictional error cannot be shielded by the law of limitation…
ITAT on presumption of bogus purchases ought to have remanded case to AO to reconsider the whole matter instead of…
Where proceedings u/s 153C are barred by limitation, AO can not reopen the case invoking section 148 and 148A of…
Corporate guarantees executed by the corporate debtor constitute “financial debt” under IBC and banks to be recognized as financial creditors…