Respected CCMs,
ICAI
@CJSNanda @chhajed_ca @CaDurgeshkabra @CaDayaniwas @SreedharMuppala @cagcmisra @agarwalvishnuca @phkhandelwal CA. Kinare Mangesh Pandurang
@FCAUmeshSharma @PritiSavla1 @CJSNanda
This is an urgent call from the ground realities of small and mid-size practicing firms regarding the recent mandate of Financial Statements of Non-Corporate Entities
🔴 The timing could not be worse. After the ITR deadline chaos (extended just by 1 day despite repeated issues reported beyond our control), now we are suddenly burdened with this reporting change, with less than 2 weeks left before TAR/audit filings.
🔴 For large firms handling corporates with high-end systems, this may look manageable. But 80% of small firms cater to Kirana stores, small traders, retailers, small manufactures , textiles and non-corporate entities who neither have such systems nor the resources to suddenly generate comparative data in the new format.
🔴 The responsibility is pushed onto CAs, who must now spend additional time, manpower, and resources – time that simply doesn’t exist given parallel GST New reform , TDS, and compliance changes, all amidst festival season (Navratri, Diwali).
🔴 We have all seen how Infosys
@Infosys has failed to stabilize the income-tax portal even after years. Expecting flawless compliance in such short notice for new reporting formats is unrealistic and unfair.
👉 We therefore strongly urge ICAI to defer the implementation of the Non-Corporate Reporting Format by one year. Let members prepare, let clients upgrade gradually, and let smaller firms breathe.
Our voice must be heard. The Big Firms will adjust; it is the small practitioners – the true backbone of compliance in this country – who will suffer if this is forced immediately.
Respectfully but firmly requesting urgent consideration and deferment.
@ruwatiaofficial @casansaar @AnilSinghvi_ @theicai