Last date for filing tax audit The report for the financial year 2020-21 is January 15, 2022.
For the financial year 2019-20 i.e. AY 2020-21, the limit was Rs 5 crore for businesses and Rs 50 lakh for professionals and the due date of the original tax audit report was January 15, 2021.
However, companies can still file a revised tax audit report for that year to rectify the errors.
Nangia & Co. LLP Director, Audit & Assurance, Shalu Kedia said that the corporate assessees did not want to wait till the due date which is falling in January for tax audit filing for AY 2021-22, now after corporate tax You can proceed with your tax audit filing. Returns for the Assessment Year (AY) 2021-22 (pertaining to the financial year 2020-21).
“Many corporate assessees were also waiting for the utility to go live as they had to rectify the errors in the original tax audit report and file appropriate response against the demands in their tax audit report for AY 2020-21 (FY 2019-20). had to be amended due to mismatch in tax audit report and tax return for AY 2020-21,” Kedia said.
Om Rajpurohit, Director – Direct and International Taxes, AMRG & Associates said that after a prolonged moratorium, the CBDT has finally enabled the tax audit utility on October 26.
“However, this delay results in an unnecessary interest burden for the taxpayers, who usually finalize their tax and file their tax return on time after the filing of the tax audit report. However, for such a class of taxpayers, For those who haven’t started their taxes yet ITR Filing Due to the extended due dates process, it is a welcome step,” Rajpurohit said.
AKM Global, Director-Tax & Regulator, Sandeep Sehgal said, “Since the due date for filing tax audit has been extended to January 15, 2022, it will give ample time to auditors and taxpayers to ensure systematic filing , and will also identify and report any discrepancies that came to light during the process.”