Extension of Due-Date of Audit
Introduction: It has been the burning issue that whether due dates will be extended or not; finally, government has notified extension for various due-dates which will act as booster for the assessee as well as for auditors.
Due-date of furnishing Tax-Audit report under Income Tax Act, 1962: It has now been notified that due date for furnishing Tax Audit Report has now been extended to 31st December, 2020.
Due-date of furnishing Transfer Price Audit report under Income Tax Act, 1962: It has now been notified that due date for furnishing audit report in respect of International/Specified Domestic transaction has now been extended to 31st December, 2020.
Due date for filling Income Tax Income Tax:
Particulars | Due-Date |
1. Person required to get his books of account audited | 31st January, 2021 |
2. Person required to furnish report in respect of International/Specified Domestic transaction carried by him. | 31st January, 2021 |
3. Any other person not covered above; i.e. person who are not required to get his books of accounts audited | 31st December, 2020 |
Extension of due-date for small taxpayers:
If any person who is liable to pay self-assessment tax up to the amount of Rs. 1 Lakh then due date for payment of tax from person who were required to furnish Income tax return on or before 31st July, 2020 has been extended to 31st December,2020. For person who are required to get their books of accounts audited and their liability to pay self-assessment tax up to the amount of Rs. 1 Lakh, due date for payment of tax has been extended to 31st January, 2021.
Further it shall be noted that there is also extension in due date of GST Audit and filling of annual return for financial year 2018-19. The said due-date has now been extended to 31st December, 2020 which was earlier 31st October, 2020.