The Central Board of Direct Taxes (CBDT) has enabled the tax audit utility form on its portal for financial year 2019-20 and 2020-21. Under the I-T Act, taxpayers are required to get their accounts audited if the sales, turnover or gross receipts of business exceed prescribed limit.
For Assessment year (AY) 2020-21, limit was Rs 5 crore for businesses and Rs 50 lakh for professionals and due date for original tax audit report was 15th January, 2021. However, companies can still file the revised tax audit report for that year to rectify errors.
However, for AY 2021-22 the limit was Rs 10 crore for business, while in case of professionals it was over Rs 50 lakh in 2020-21 (AY 2021-22). The last date for filing the tax audit report for the AY 2021-22 is 15th January, 2022.
AMRG & Associates Director, Om Rajpurohit said after prolonged postponement, the CBDT has finally enabled the Tax Audit utility on 26th October. “However, this delay has resulted in an unnecessary interest burden for the taxpayers who usually finalize their tax due and file their tax return on time once the tax audit report is filed. Though, for such a class of taxpayers who are yet to start their ITR filing process owing to extended due dates, this is a welcome step,” Rajpurohit added.