Meeting with the Hon’ble Finance Minister, Shri Arun Jaitley – (22-09-2015)

CA. Manoj Fadnis, President, ICAI, CA. Anuj Goyal, Chairman, Professional Development Committee, along with Chairman, Direct Taxes Committee , Vice-Chairman, Direct Taxes Committee , Vice Chairman, Committee on International Taxation, met and represented before Hon’ble Finance Minister Shri Arun Jaitley on 22nd September,2015 on the following two issues :

i.   For extension of due date for filing returns of income and tax audit reports falling due on 30th September, 2015;

ii.  In respect of system of appointment of Central Statutory Auditors and Branch Statutory auditors of Public Sector Banks.

I.   Extension of due date for filing returns of income and tax audit reports:

On consideration of the requests received from members at large seeking extension of due date of filing return of income as well as the tax audit report under section 139 of the Income-tax Act, 1961 falling due on 30th September, 2015, the following representations have been made by the Direct Taxes Committee of ICAI:

  • ICAI/DTC/2015-16/Rep – 20 dated 10th July, 2015
  • ICAI/DTC/2015-16/Rep – 22 dated 20th Aug, 2015
  • ICAI/DTC/2015-16/Rep – 23 dated 7th Sep, 2015
  • ICAI/DTC/2015-16/Rep – 24 dated 14th Sep, 2015

A power point presentation by the Direct Taxes Committee of ICAI was presented & a fervent appeal was made out in support of the case for extension of due date of return as well as tax audit report from 30th September, 2015 to 31st October, 2015.

Hon’ble Finance Minister has assured to look into the matter. However, in the absence of any concrete decisions so far, the esteemed members of the profession are advised to put in their best efforts to comply with the prescribed due date i.e. 30th September, 2015.

II.   In respect of system of appointment of Central Statutory Auditors and Branch Statutory Auditors of Public Sector Banks:

The ICAI representatives explained the inadequacies arising out of the current procedure of appointment of Central Statutory Auditors and Branch Statutory Auditors of Public Sector Banks (PSBs). It was mentioned that the managerial autonomy is correct to the extent of day to day decisions making but nowhere the authority to appoint the auditor lies with the persons whose decisions are to be audited. Such delegation in the long run is a great peril to the economy itself. ICAI recommended that appointment of Central Statutory Auditors and Branch Statutory Auditors of Public Sector Banks (PSBs) may be done either by Reserve Bank of India or the C&AG or any other such independent authority.

The Hon’ble Finance Minister has noted the concerns of the ICAI and has assured to look into the matter.

The above communication is to keep the members apprised of the position in the backdrop of the concerns being raised.

The Chairman,
Direct Taxes Committee
CA. Anuj Goyal, Chairman,
Professional Development Committee

Source- ICAI

Keep Checking the below page for  Status of various Petitions in High Courts for Extension of Tax Audit Due Date –

Tax Audit Date Extension- Status of High Courts Appeals

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0 responses to “ICAI Meeting with FM: No Concrete Decision on TAR/ITR Date Extension”

  1. VARGHESE. C.J says:

    With so many cases and representation I think our finance minister will kindly consider for an extension by keeping in mind the Prime Ministers TEAM INDIA slogan during his independence day speech.

  2. HARBANS SINGH says:

    if we cant do 60 tax audit in time as legitimately required, what else govt can expect from us.

  3. vinod says:

    So much pressure on Government for extension of date is not in appreciated in Government. The extension of date should be sought by the industry/ business association not by us. CBDT feels CAs to be interested in delaying the procedure. Such misgivings are further aggravated by these tactics. We may concentrate on advising simplification and rationalasation of systems and equip ourselves to raise to the ohallenges.

  4. Dharam Vir says:

    Govt may charge interest u/s 234A after 30th September and declare that if the assesses files his TAR and ITR by 15th or 31st October, no penalty will be imposed… this way E filing portal will not have to update their Return Preparation Utility also.

    Apart from the above, the penal provision u/s 44AB are quite harsh. Hence there should b a buffer penalty provision for few days/weeks before maximum penalty is imposed so that people with genuine hardship may not bear the brunt.

  5. K KOTESWARA RAO says:

    SIR
    THIS IS VERY CRUCIAL TIME FOR SUBMITTING TAX AUDIT REPORT FOR DUE DATE OF 30TH SEPTEMBER. WHAT I AM THINKING IS IT IS DEFINITELY TO EXTEND UP TO 31ST OCTOBER 2015. I HOPE TO RECEIVE THE GOOD NEWS FROM ICAI

  6. CA Ramesh Jain says:

    In this last days role of the chartered accountants is not of “Auditor” but more of a Sales executive who is forced to achieve the number target , more of a Software Engineer Who is required to focus on I.T.Department`s XML and Utility Errors. ultimately who is responsible for such scenario which happened almost every year. We The chartered Accountants have to introspect ourselves to save our Auditors Pride.

  7. manoj kumar sharma says:

    Dear all

    Good efforts. Presently the season of Dengu fever and shortage of power is also effecting speed of work by staff. Last date should be 31st Oct for non corporate assessee and 31st Dec for corporate assessee as was earlier system long back to ensure quality of audit

  8. ca e rajeshwar says:

    fM should consider the request favorably. it is the fault of the department to extend the due date for non audit cases which disturbed the time schedule of auditors in getting completed the tax audits before 30th sep. the pressure on CAs is tremendous and is not justified

  9. CA Srinivasa H, Bangalore says:

    Dear All,

    We professional always work hard to bridge the better tax compliance between the industry and to the statutory body. In spite of it, there is no respect for the greater body ICAI’s representation for extension of due date after quoting the valid reason for extension. Is it tax payer friendly govt ???????????. Who the tax payer are real contributors in building nation.

  10. RAVINDER says:

    CAs must refuse to do slavery. Govt is blackmailing CAs by threatening to give Tax Audit to other professionals also – let them. ICAI has blocked other professionals from entering the audit field – but when advocates try to prevent CAs from appearing before Tribunal, ICAI protests. Give up double standards and let all professionals do tax audit – then there will be more professional bodies to protest, as nobody can complete audits and file returns in 23 days. Meanwhile CAs should relax and do the audit slowly – health is more important than anything else.

  11. Grape says:

    Disappointing ….on one hand FM is talking about Tax Reforms & on the other hand he is not working for the tax payer community as its asking for better submissions.he is also not caring for the sentiments of the public at large as its a festive season.also there is a genuine problem of electricity in many parts of maharashtra & other states to get work done in time.its really ridiculous that he is nor a common mans FM .

  12. CA Devang Sadrani says:

    Good step by our Respected President. Once the matter is under consideration with FM, I think definitely he will consider the issue.

  13. Vivek pasricha says:

    It’s really so disappointing to know the indecisive view of FM while CBDT chairperson could have also attended this high powered representation and sorted out the matter then and there.
    It’s disgusting!

  14. Anoop Kumar Gupta says:

    Very good efforts by ICAI and thanks to you and hope for good news

  15. MAHENDRA G CHUGH says:

    DUE DATE FOR TAX AUDIT MINIMUM ATLEAST 15 DAYS MUST REQUIRED NOT 1 MONTH FOR A.Y.15-16 AS COMPLIANCE IS HIGH, WITH I TAX MATTERS WE CAN HAVE VAT MATTERS , CDA COMPLIANCE VAT REFUND ETC, PROF TAX ASST. SERVICE TAX ASST. TOUGH JOB FOR ALL PROFESSIONAL SO REQUEST ALL CBDT MEMERSS TO EXTENT ATLEAST 15 DAYS

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