Public sector banks, saddled with a pile of non performing
assets—loans that do not fetch returns—could soon frame
stringent rules allowing them to take action against service
providers such as chartered accountants and advocates if
required.
The Central Vigilance Commission (CVC) has asked banks
to look into the issue and come up with appropriate
guidelines as bank officials should not be solely held
responsible for the rise in bad loans, which rose by Rs
94,666 crore in the April to December period of 2015-16.
Sources said two out of 10 loan applications are being
rejected due to the NPA pressure even as finance minister
Arun Jaitley has asked banks not to adopt an over cautious approach.
“At present, the bank officials are taking the entire responsibility (over the issue of NPA) but this is a narrow way of dealing
with the problem and the role of the CAs, lawyers must be scrutinised and a framework needs to be designed so that they
are accountable too,” said an official source.
The CVC has also raised the issue with the Institute of Chartered Accountants of India (ICAI)
The CBDT issued Circular No. 16/2023 dated September 18, 2023 regarding the extension of timelines for filing of Form 10B/10BB and Form ITR-7 for the Assessment Year 2023-24. On consideration of difficulties reported by the taxpayers and other stakeholders, the Central Board of Direct Taxes (CBDT), in exercise of its powers under Section 119 of the Income-tax Act, 1961 (Act), provides relaxation in respect of following compliances: The due date of furnishing Audit report under clause (b) of the tenth proviso to clause (23C) of section 10 and sub-clause (ii) of clause (b) of sub-section (1) of section 12A of the Income-tax Act, 1961, in the case of a fund or trust or institution or any university or other educational institution or any hospital or other medical institution in Form 10B/Form 10BB for the Previous Year 2022-23, which is September 30, 2023, is hereby extended to October 31, 2023. The due date of furnishing of Return of Income in Form ITR-7 for the Assessment Year 202