As we are aware that, the tax audit date is near and due to the COVID impact the audit could not be completed till the last date i.e 31.10.2020. Considering the challenges faced in COVID-19, the government has extended the due dates of ITR, Tax Audit, etc., the same is given here.
Extended due date for AY 2020-21
The Following are the due dates which have been extended on 24th October 2020.
The due date for furnishing of Income Tax Returns for the taxpayers (including their partners) who are required to get their accounts audited [for whom the due date (i.e. before the extension by the said notification) as per the Act is 31st October 2020] has been extended to 31st January 2021.
The due date for furnishing of Income Tax Returns for the taxpayers who are required to furnish a report in respect of international/specified domestic transactions [for whom the due date (i.e. before the extension by the said notification) as per the Act is 30th November 2020] has been extended to 31st January 2021.
Read Complete Article Here- Second-time extension of Income Tax Return due date for FY 2019-20
The due date for furnishing of Income Tax Returns for the other taxpayers [for whom the due date (i.e. before the extension by the said notification) as per the Act was 31st July 2020] has been extended to 31st December 2020.
Consequently, the date for furnishing various audit reports under the Act including tax audit reports and reports in respect of international/specified domestic transactions has also been extended to 31st December 2020.
Read Complete Article Here- Second-time extension of Tax Audit Report due date for FY 2019-20
What is the Tax Audit Limit for AY 2020-21
Before the due date or extension of the Tax Audit due date for AY 2020-21, it is important to know about the tax audit limit for AY 2020-21.
Section 44 AB- This section deals with the tax audit limit and provision of Tax Audit. Through Finance Act 2020, the government has inserted a new limit of turnover of Rs. 5 crores and exempt them from tax audit subject to some specified condition.
Although section 44AB limit is still Rs 1 crore and the 44AD limit is 2 Crore (except specified above). So it creates a lot of confusion among stakeholders regarding the tax audit limit. You can read the complete article for TAX Audit Limit from below-
- Section 44ADA of Income Tax Act- Presumptive Scheme for professionals
- Section 44AD of Income Tax Act- Presumptive Scheme
- Due date of the Income Tax Return for AY 2021-22
Join our Social Community
Disclaimer: The information contained in the above article are solely for informational purpose after exercising due care. However, it does not constitute professional advice or a formal recommendation. The author does not own any responsibility for any loss or damage caused to any person, directly or indirectly, for any action taken on the basis of the above article.
Feedback/Suggestion- Hope you all find it useful, please give your valuable feedback & let us know if there is an error. Thanks in Advance
Compiled by- CA Chirag Agarwal (Practicing Chartered Accountants)