LAST DATE FOR FILING ITR & TAX AUDIT
There are various kinds of audits being conducted under different laws such as company audit, statutory audit conducted under company law provisions, cost audit, stock audit etc. Similarly, income tax law also mandates an audit called ‘Tax Audit’. Section 44AB of the Income-tax Act, 1961 contains the provisions for the tax audit of an entity.
As per these provisions, tax audit shall be conducted by a Chartered Accountant who ensures that the taxpayers have maintained proper books of account and complied with the provisions of the Income-tax Act. Tax Audit conducted by a Chartered Accountant is reported to the Income-tax department in Form no. 3CA/3CB and Form no. 3CD along with the income tax return.
Tax Audit under section 44AB?
What is the due date of filing tax audit reports under Income Tax?
Extension of Due Dates for FY 2019-20 AY 2020-21:
The economic impact of the 2020 coronavirus pandemic in India has been largely disruptive. The lockdown though necessary has led to a disastrous impact on the economy. With an ever-increasing corona virus cases, lockdown was considered as an only solution to flatten the curve. However, the measures which were implemented to avoid a human disaster, have in turn led to the birth of several issues such as unemployment, recession, hindrance to economic growth, financial instability and so on.
The Government of India announced a variety of measures to tackle the situation, from food security and extra funds for healthcare and for the states, to sector related incentives and tax deadline extensions. With the ongoing COVID -19 pandemic a lot of income tax due dates were extended. One of these extension benefits were also provided to the due date of filing tax audit report.
Extended Tax Audit Due Date for FY 2019-20:
Summary of ITR Filing Due Dates:
|Category of Taxpayer||Due Date|
|Individual||31st December, 2020|
|Body of Individuals (BOI)||31st December, 2020|
|Hindu Undivided Family (HUF)||31st December, 2020|
|Association of Persons (AOP)||31st December, 2020|
|Businesses (Requiring Audit)||31st January, 2020|
|Businesses (Requiring TP Report)||31st January, 2020|
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