Now Reading: ICAI warns CAs of 3-day bank strike overlapping Sep 30 deadlines
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ICAI warns CAs of 3-day bank strike overlapping Sep 30 deadlines
The Institute of Chartered Accountants of India has advised its members to plan ahead as a three-day bank strike called by the United Forum of Bank Unions from September 28 to 30…
The Institute of Chartered Accountants of India has advised its members to plan ahead as a three-day bank strike called by the United Forum of Bank Unions from September 28 to 30 will overlap with several compliance deadlines falling on September 30. The strike, involving public sector banks, will affect deposit and withdrawal operations, including the processing of statutory payments.
ICAI said in an advisory that chartered accountants should ensure all statutory payments, such as tax and GST deposits, are completed before the strike period to avoid penalties. The institute also urged members to coordinate with their clients and bankers to complete any pending compliance work well in advance.
The strike has been called by UFBU, which represents nine major bank unions, to press for demands including a five-day work week and better wages. September 30 is the deadline for filing income tax returns for non-audit cases and various GST returns.
Indian Opinion Analysis
The overlap of a banking strike with end-of-quarter statutory deadlines has happened before, but this time it coincides with the extended ITR filing deadline for non-audit cases, a peak compliance period. The UFBU strike call is part of a long-running wage negotiation under the 12th bipartite settlement, which covers around 8 lakh public sector bank employees. If the strike goes ahead, CAs will have to rely on digital payment modes like NEFT and RTGS, which are not affected by branch closures. The key watch point is whether the government or RBI issues any last-minute relief for filers who miss the deadline due to the strike.
Source: livemint.com
This brief was synthesised by AI from the source linked above.
