Section 44AB of the Income Tax Act, 1961 deals with the audit of the accounts of a certain category of the person carrying on a business or engaged in a profession. The class of taxpayers listed under this section compulsorily have to get their accounts audited by a Chartered Accountants before the last date of the Income-tax Audit. Here in this post, we will show you the Extension of Tax Audit Due Date for AY 2021-22.
A Tax Audit determines whether financial records and transactions are correctly recorded and accounted for. This ensures that the records reflect the taxpayer’s actual income and that the claims for deductions made are accurate.
Income Tax Audit Due Date For AY 2021-22
Extension of Tax Audit Due Date for AY 2021-22- For every year, the due date of furnishing the statutory tax audit report is 30th September of the subsequent year. For Assessment Year 2021-22, to mitigate the difficulties faced by taxpayers due to the ongoing COVID-19 pandemic, the Income Tax Audit Due Date For AY 2021-22 has been extended to 15th January 2022.
First Extension- ‘The CBDT vide Circular no. 09/2021: dated 20th May 2021, extended the due date of furnishing of Report of Statutory Audit under any provision of the Act for the assessment year 2021-22, from 30th September 2021 to 31st October 2021.“
Second Extension- ‘The CBDT vide Circular no. 17/2021: dated 09th Sep 2021, extended the due date of furnishing of Report of Statutory Audit under any provision of the Act for the assessment year 2021-22, from 31st October 2021 to 15th January 2022.”
|Particulars||Year||Original Due date||Extended Due date|
|Tax and Statutory Audit Report||FY 2020-21|
Extension of Tax Audit Due Date for AY 2021-22 Circular
The Income Tax Department extends timelines of certain compliances, to mitigate the difficulties faced by taxpayers due to the ongoing COVID-19 pandemic. For this purpose, CBDT issued “Circular No. 17/2021: Dated 9th September 2021″, it can be viewed and downloaded from here-
Other Extended Income Tax Due Dates vide Circular No. 17/2021
|Particulars||Original Due Date||Old Dates (Circular No. 09/2021)||New Dates (Circular No. 17/2021)|
|The due date of furnishing of Return of Income for the normal assessee for the Assessment Year 2021-22||31.07.2021||30.09.2021||31.12.2021|
|The due date of furnishing of Return of Income for Audited assessee and partner of a partnership firm for the Assessment Year 2021-22||31.10.2021||30.11.2021||15.02.2022|
|The due date of furnishing of Return of Income for Transfer Pricing Case for the Assessment Year 2021-22||30.11.2021||31.12.2021||28.02.2022|
|The due date of furnishing of belated/revised Return of Income for the Assessment Year 2021-22||31.12.2021||31.01.2022||31.03.2022|
|The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21||30.09.2021||31.10.2021||15.01.2022|
|The due date of furnishing Report from an Accountant by persons entering into an international transaction or specified domestic transaction under section 92E of the Act for the Previous Year 2020-21||31.10.2021||30.11.2021||31.01.2022|
Clarification by CBDT
It is clarified that where net tax liability exceeds Rs. 1 Lakh, interest at the rate of 1% will be charged on delay deposit of income tax as per explanation 1 to section 234A of the Income Tax Act, 1961. (Interest under Section 234A, 234B, and 234C of Income Tax Act, 1961)
Also, In the case of an individual resident in India referred, the tax paid by him under section 140A of the Act within due date (without extension under the circular) provided in the Act, shall be deemed to be advance tax.
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