ICAI requests extension for tax audit report submission deadline

Core Viewpoint - The Institute of Chartered Accountants of India (ICAI) has requested an extension for the deadline of tax audit report submissions for the Financial Year 2024–25, proposing a new deadline of 31 December 2025 due to complexities faced by taxpayers and professionals [1][4]. Group 1: Current Deadlines and Challenges - The current deadline for tax audit report submissions is 30 September, while the income tax return (ITR) filing deadline has been extended to 15 September [2]. - The Central India Regional Council (CIRC) has indicated that the current extensions do not adequately address ongoing issues, particularly technical difficulties with the income tax e-filing portal [2][3]. Group 2: Operational Challenges - The period from July to October is particularly challenging for taxpayers due to overlapping obligations such as goods and services tax filings and compliance with company law requirements, complicating timely tax audits [3]. - The CIRC has highlighted the operational challenges faced by professionals and taxpayers, emphasizing the need for accurate data compilation and the extensive nature of tax audits [3]. Group 3: Proposed Extension and Its Implications - The proposed extension aims to create a more manageable timeframe for compliance with regulatory obligations, potentially easing pressures of tax administration and improving compliance across the country [4]. - The letter requesting the extension was signed by CIRC chairman Ankur Kumar Gupta and CIRC secretary Jayendra Kumar Tiwary, expressing hope for a positive response from the finance minister [4].