Excel for
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: 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
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