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Sushmita Goswami | Jan 11, 2022 | Views 450770

Extension of due date of filing TAR for FY 2020-21 Requested by Member of Parliament Mahesh Poddar

Extension of due date of filing TAR for FY 2020-21 Requested by Member of Parliament Mahesh Poddar

Mahesh Poddar Member of Parliament (Rajya Sabha) requests for extend the due date for furnishing the Report of Audit for the current financial year.

Member of Parliament has requested Smt. Nirmala Sitharaman (Hon’ble Finance Minister)  to extend the due dates for filing tax audit reports for FY 2020-21.

Member of Parliament Requests an extension of due dates of filing TAR for Financial Year 2020-21.

Below is a copy of the Representation Submitted :

Smt. Nirmala Sitharaman
Hon’ble Union Minister of Finance,
Ministry of Finance,
Government of India,
New Delhi – 110001

Sub: Request to extend the due date of furnishing the Report of Audit for the current fiscal year

Hope this letter finds you in good health and spirits. I am writing this letter forwarding requests as received from various industry bodies like State ICAI, Federation of Jharkhand Chamber of Commerce & Industries, etc. for extending the due date to furnish the Report of Audit for the current fiscal year.

Firstly, I would congratulate you on the speedy progress being made on the LIC IPO. Hoping that it gets listed as early as possible.

The current wave of the pandemic is a noted reality with the skyrocketing daily number of cases. This is bringing unimaginable stress on the population. The Government had been considerate in extending the due date of filing the Audit Report twice before this already which now terminates on the 15th of this month and failing to which will attract penalties under the law. I am informed that CBDT had carried out changes in the Tax Audit Schema thrice already with the latest one being on January 6th, 2022. These last-minute changes are causing unnecessary hassle for the audit professionals who themselves are struggling with the pandemic. Changes in audit mechanism often require expertise to understand which is beyond a layperson’s capability, therefore, it should be expected that the Government gives them considerable time to adjust to these changes. The situation is exacerbated with many State Governments announcing lockdowns. In a profession that relies immensely on physical verification and interaction, the current deadline is adding to their worries with the looming concern of penalties upon failing to meet the deadline. Many professionals and their family members are turning COVID positive which is a worrying prospect in this regard.

It is noted that extending the date will purely be an administrative issue, and would not result in any revenue loss. The audit professionals have risen to all the challenges that the pandemic has thrown at them and with the support of the Government, they have been contributing immensely in making sure taxpayers are compliant with all the provisions under the law.

Therefore, I would kindly request you to look into this matter and extend the due date for furnishing the Report of Audit for the current fiscal year.

For Official Copy of Representation Download PDF Given Below:

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