CAs seek Oct-end deadline for filing tax, audit reports

  • | Friday | 21st September, 2018

“Hence, we did not get much time to file returns and audit reports of companies and those other persons who are required to file return and audit reports,” Rathi explained.According to the outfit members, the number of clauses in tax audit reports has increased from 42 to 47. “We have started processing details of firms and businessmen from early this month and so far about 25% of the firms and businessmen in Nashik have filed returns and audit reports. There are over 10,000 firms and businessmen in Nashik who have to file returns,” said Ravi Rathi, an office-bearer of ICAI, Nashik.Members said since filing the returns and the audit report is cumbersome and time-taking, CBDT should increase the deadline. “Apart from this, it is mandatory to give transaction-wise reports. “If CBDT can extend the deadline for individual taxpayers by a month from July 31, the same can be done for firms and businessmen,” one CA argued.Rathi said apart from filing the returns and audit reports, business and industrial establishments had to file two returns of Goods and Services Tax in August.

Nashik: The Institute of Chartered Accountants of India (ICAI), Nashik branch, has urged the Central Board for Direct Taxes (CBDT) to extend the deadline for submission of returns and audit reports of companies and businessmen having an annual turnover of Rs one crore and above, from the current September 30 to the end of October.The chartered accountants associated with the outfit said they were busy with filing of returns of individual tax payers like the salaried class till August 30. “We have started processing details of firms and businessmen from early this month and so far about 25% of the firms and businessmen in Nashik have filed returns and audit reports. There are over 10,000 firms and businessmen in Nashik who have to file returns,” said Ravi Rathi, an office-bearer of ICAI, Nashik.Members said since filing the returns and the audit report is cumbersome and time-taking, CBDT should increase the deadline. “If CBDT can extend the deadline for individual taxpayers by a month from July 31, the same can be done for firms and businessmen,” one CA argued.Rathi said apart from filing the returns and audit reports, business and industrial establishments had to file two returns of Goods and Services Tax in August. “Hence, we did not get much time to file returns and audit reports of companies and those other persons who are required to file return and audit reports,” Rathi explained.According to the outfit members, the number of clauses in tax audit reports has increased from 42 to 47. “Apart from this, it is mandatory to give transaction-wise reports. The details regarding cash deposits from Rs 2 lakh are required to be furnished. This is a very cumbersome process and takes much time,” said Rathi, and that 75% of businesses still need to file returns, and the deadline is nearly here.He said that the national body of the outfit is also pursuing the matter with the Union government.

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