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
Non issuance of notice u/s 143(2) for return filed u/s 148 even though belatedly, makes the assessment framed bad in…
Calculation of functional disability depends on assessing the victim’s earning capacity in the open, competitive market – Supreme Court In…
Appeal against every decision of ITAT shall lie only before the High Court within whose jurisdiction the Assessing Officer who…
Supreme Court recommends action against Commissioner of Customs who relied upon non-existent AI generated case laws. Supreme Court recommends action…
ITAT power to pass such orders "as it thinks fit" implies a judicial discretion to be exercised within the parameters…
Mere non-deduction of TDS by the deductor on a transaction does not change the character of the transaction to make…