Rajya Sabha MP writes to FM Sitharaman, seeks extension in tax audit filing date for FY 2021-22
The Tax Audit Report consists of 44 clauses which provides necessary information required for proper computation of taxable income of the SMEs. The information is to be provided by Tax Auditor after carrying out substantive checks as financial information to be furnished w.r.t said clauses is exhaustive, he wrote
New Delhi: ND Gupta, Rajya Sabha MP and Member in Standing Committee of Petroleum & Natural Gas has written a letter to Finance Minister Nirmala Sitharaman and has sought an extension in the tax audit filing date for the current assessment year.
The lawmaker from Delhi has sought relief on grounds of peaking third wave of Coronavirus & new variant Omicron in the country.
In the letter, Gupta writes, ”For the assessment year 2021-22, the due date of filing of Tax Audit Report was 30th September 2021 which was extended to 31st October 2021 to 15th January 2022. As such the prescribed due date for the assessment year 2021-22, happens to be 15th January 2022. The first extension on 20.05.2021 was given due to the unprecedented Covid-19 situation and second extension due to Income Tax website software glitches.
“In view of unprecedented surge in Covid-19 situation and facts and circumstances explained above, I personally request you to kindly extend the date of filing Tax Audit report u/s. 44AB of Income Tax Act 1961 to another date based on advise from NITI AAYOG/Health Ministry. Extension in time limit will not lead to any loss of revenue to the government and taxpayers will make perfect compliances as far as audit report and return is concerned,” he wrote in the letter.
He further wrote, “India is facing acute third wave of Covid-19 and has witnessed a substantial growth of Covid-19 cases from active cases of 77002 with positivity rate of 0.79%on 29th December 2021 to current active cases of 590611 with positivity rate of10.21% on 9th January 2022 (Source : Covid-19 update, Ministry of Health and Family Welfare). This shows an increase of more than 667% in number of cases and 1192% in positivity rate.
Such exponential increase is a matter of concern for all of us. Several State Governments have imposed partial or weekend curfew to contain growth of Covid-19 cases in last one week. The present compliance anxiety among the SMEs & SMPs Tax Auditor will expose them and our Country to deadly Covid-19 virus.”
Read full letter here:
