Income Tax Audit Due Date For FY 2019-20- For every financial year, the due date of tax audit is 30th September of the following year. For the financial year 2019-20, the government has extended the due date of the income tax audit, 2 times, the same details are given in this post.
Income Tax Audit due date for FY 2019-20
First time extension- Due to the COVID-19 situation in the country, the government via a press release dated June 24, 2020, announced the following-
The due date for the income tax return for the FY 2019-20 (AY 2020-21) has been extended to 30th November 2020. Hence, the returns of income that are required to be filed by 31st July 2020 and 31st October 2020 can be filed up to 30th November 2020. Consequently, the date for the furnishing tax audit report has also been extended to 31st October 2020.
Second time extension- In a major relief to taxpayers, the Central Board of Direct Taxes (CBDT) on 24th October 2020 via a press release further extended the deadlines of the tax audit report and announced the following-
The due date for furnishing various audit reports under the Act including tax audit report and report in respect of international/specified domestic transaction has also been extended to 31st December 2020.
Income Tax Audit Due Date For FY 2019-20 can be summarized with the chart as under–
|Particulars||Year/Month||Original Due date||Extended Due date|
|Tax and statutory audits||FY 2019-20|
What is the Tax Audit Limit for AY 2020-21
After knowing the extended due date of the Tax Audit 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-
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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.
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Compiled by- CA Chirag Agarwal (Practicing Chartered Accountants)