Tax Audit date extended

Latest Update on 30th Dec 2020

As per latest update by the income tax Authorities, Tax Audit date has been extended till 15th Jan 2021.

Latest Update on 24th Oct 2020

As per latest update by the income tax Authorities, Tax Audit date has been extended till 31st Dec 2020.

Last Updated on 20th September 2020

New Delhi: The CBDT has yet again extended the Tax audit due date by a month. Earlier it was extended fro 31st July to 30th September 2020. Now further it has been extended by a month, i.e. 31st October 2020. The same was announced by series of tweets bt Income Tax India.

What is a Tax Audit?

Every assessee is supposed to pay Tax every year for their income. For every company, it is mandatory to have an Income Tax audit every year. In this audit, examination and analysis of all accounts are carried out with regards to Income Tax paid. This, in turn, makes Income Tax return filing easier. The extended due date for Tax Audit will allow companies to file for their GSTR 9 and GSTR 9C return more accurately.

Understanding Income Tax Audit

All the businesses having turnover of over Rs 1 Cr are eligible for having Tax Audit. But in special circumstances, a Tax audit can be conducted. The last date for filing for Tax Audit is 31st October 2020, and this would be extended any further. Depending upon the various categories, Taxpayers are needed too have Tax Audit and its reruns filed.

Finally, if your Tax Audit is still left, it is good to do it now due to more extension of a month!!

Important: Please note that the information on this page / site is provided as general information for better understanding for the user and does not constitute tax, legal, or other professional advice and must not be used as such. Please consult your professional adviser(s) if you have any questions / doubts regarding the above.

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