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ABCAUS Excel for Chartered Accountants

Excel for
Chartered Accountants

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As we all know that as on date income tax returns ITR4 for business and profession , ITR7 for Companies and various tax audit report forms are yet to be notified.

It is learnt that soon after the extension of ITR filing due of 31-07-2015 to 31-08-2015, The Institute of Chartered Accountants of India (ICAI) on 10-07-2015 wrote a letter to CBDT Chairperson requesting extension of the due date(s) as under:
ITR Filing for AY 2015-16 for Individual and HUFs                up to 30-09-2015
ITR Filing for AY 2015-16 for Companies                              up to 31-12-2015
Filing of Tax Audit Forms/Reports (Form 3CA 3CB, 3CD)   up to 31-12-2015

The ICAI apprised CBDT of the concerns raised by its members and expressed that non extension will cause great hardship resulting in delays making assessee liable to interest and penalty.

I really appreciate that ICAI recognizing its social responsibility, has written letter for extension, and has rightly taken up a public cause to save assessees from rigors of penalties and interest for delayed filing of audit reports/ITRs.

But apart from public interest, do we as chartered accountants have otherwise any locus standi in the matter for extension or non extension of due dates?

I personally believe that for ITR filing we act merely as facilitator and are not affected by the extension or non-extension, offcourse barring the public cause.

Regarding tax audit reports filing, it is pertinent to note that currently, under Tax Laws, there is no penal consequence for a chartered accountant for late filing a tax audit report that would give him a locus standi. True, in case of inadvertence or negligence, a civil suit can still be filed against him by the assessee claiming compensation. But that would be a case of negligence and not a case of due dates.

The real problem would arise when the facilitator/auditor walks into the wrong shoes and commits to something which is apparently out of the time frame made available but that is always a personal choice which is often driven by unprofessional practices or considerations.

However, I am unable to understand that why every year, number of chartered accountants/other professionals would painstakingly discuss and foresee the ills of non-extension as if they are the ultimately sufferers. For the AY 2015-16, the issue of extension has already  gone live among chartered accountants in person and social/professional groups.

When ultimately, the concerns turn out to be a public cause, would not it be better that a public cause be viewed and understood as a public cause and not something which is out to haunt professionals as the sufferers.

Have I understood it correctly or is there something unspoken, hidden or camouflaged behind the concerns on non-extension?

CA Ashutosh Lohani

 

Do Chartered Accountants Really have any locus standi on the Extension of Due Dates for Filing Income Tax Returns or Tax Audit Reports but for Public Cause? | 28-07-2015 |

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