What is the extension of tax Audit due date?
What is the extension of tax Audit due date?
The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which is 30th September, 2021, as extended to 31st October, 2021 vide Circular No. 9/2021 dated 20.05. 2021, is hereby further extended to 15th January, 2022; 3.
Will CBDT extends tax Audit due date?
CBDT had further extended the due dates for filing of ITRs & Audit Reports for the AY 2021-22 in view of the difficulties reported by taxpayers in filing of ITRs etc. 17/2021 dated 09.09. 2021.
What happens if tax Audit is not filed in due date?
In case of a delay in completing audit and submitting the report on time (before or on September 30), then 0.5% of the turnover, a maximum of Rs. 1.5 lakh, has to be paid as penalty. If there is a genuine reason for delay or non-filing of audit report, then as per Section 273B, no penalty will be applicable.
What is the due date for filing tax audit report for FY 2019 20?
The last date to file ITR for individuals is 31st July of the relevant assessment year and 31st October for taxpayers whose accounts are subject to audit. This date has been extended for FY 2020-21 to 31st December 2021 and 15th February 2022, respectively, due to the pandemic.
Is audit compulsory for trust?
All organisations or truts are required to file the return in ITR-7 by 30th October (as amended by Finance Act 2020, erlier it was 30th September) of the assessment year as where the income of a charitable trust, before claiming exemption under section 11 to 12 exceeds the maximum amount chargeable to tax, its accounts …
Can audit report be revised after due date?
REVISED AUDIT REPORT CAN BE REVISED AGAIN After going through the Guidance Note of Tax Audit u/s 44AB of Income Tax Act-1961, it is very clear that Tax Audit report should not be normally revised.
Is there any extension for ITR filing?
Last date for filing ITR on December 31, taxpayers risk penalty of upto ₹5,000 on missing deadline. The last date for filing the income tax returns for the financial year was initially extended from July 31, 2021 to September 30, 2021 due to the disastrous second Covid-19 wave in the country.
What is Section 234A 234B 234C?
Under section 234B, interest for default in payment of advance tax is levied at 1% per month or part of a month. The nature of interest is simple interest. In other words, the taxpayer is liable to pay simple interest at 1% per month or part of a month for default in payment of advance tax.
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