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CAs seek extension of IT audit deadline to Nov 30 - GST Station

CAs seek extension of IT audit deadline to Nov 30

CAs seek extension of IT audit deadline to Nov 30

    Why are CAs requesting an extension from the finance ministry to file income tax audit?

    In August, chartered accountants were busy filing non-audit cases and goods and services tax (GST) audit (form 9 and 9C), which were due on August 31. However, the GST tax audit dates have been extended till November 30. The notification for the extension was issued late and hence, we have been focussing on completing the GST tax audits. Since, the CA fraternity has not been able to work on the income tax audits, we request the government to extend the deadline till November, so as to accommodate Diwali holidays.

    What should people keep in mind when approaching a CA? 

    In order to have proper accounting done, people must have an in-house accountant. This will ensure that there are no last minute hassles. Nowadays, people are unable to find good accountants and therefore, rely on CAs to complete their internal audit. They should encourage their CAs to complete the internal audit and check accounts from time to time, to avoid last minute surprises. Accounting and internal audits are two things, which companies and individuals must focus on. It will cost a little, but will ultimately help citizens in the long run.

    What are the challenges that new CAs face? 

    New CAs have comparatively less knowledge regarding many aspects of the job, therefore, we conduct various seminars and workshops every month, so that people remain up to date with what is happening on the field. We have also started online portals where we share relevant media pages. As a part of the fraternity, seniors must also help out younger CAs who are new in the industry.

    Source- Hindustan Times.