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Deadline for Tax audit

Ramachandran R (117 Points)

12 October 2020

Hi,

I run a partnership firm and need to tax audit for IT filing.

What is the due date for tax audit? whether its 31st oct or 30th November.

Thanks in advance.

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7 Replies

Amit Khare (204 Points)
Replied 12 October 2020

Last date of tax audit is 31st Oct 2020 for ay 2020-21

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stapler (bus) (307 Points)
Replied 12 October 2020

Any chance of it getting extended further?

ayusmita (Tax consultant) (5885 Points)
Replied 13 October 2020

Last week mein pata chalega

1 Like

Shivam RC (Student) (23683 Points)
Replied 13 October 2020

The due date to file Tax Audit Report ( U/s 44AB of the Income Tax Act 1961 ) for AY 2020-21 is 31st October 2020 ( 31/10/2020 ). It has already been extended by 1 month from the original due date ( i.e. 30th September 2020 ). But there are high chances of getting it extended further since many Tax Consultant Bodies have written to FM Madam for extension of due date of filing Tax Audit Report due to the Covid 19 pandemic and many new amendments have been brought to the Form.

So we have to wait till the official notification from the CBDT side. I hope it gets extended.

2 Like

stapler (bus) (307 Points)
Replied 13 October 2020

The last moment announcement defeats the very purpose of extension. The sword of uncertainty keeps hanging till the last moment, and no one can concentrate on other important work too. Also there's no revenue gain to the Gov. as well. What are they afraid of? Why do they tease and mock? They should realise that extensions are sought not for fun,but only because of compelling circumstances beyond control. Timely extension can make life and tedious compliances easier!

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Shivam RC (Student) (23683 Points)
Replied 14 October 2020

Very True Sir. Every time the government issues a notification at the last moment, whether it be for Direct Tax or Indirect Tax (GST). You just see what is happening with Annual Return ( GSTR-9 ) under GST. Each and every time the extension news / notification comes at the last date of filing the return. Although it's a different matter that the taxpayers, consultants have now taken it for granted - "GSTR-9 toh extend hone wala he ha. Tension matlo. Ho jayga."...😂😂😂

I know many taxpayers who are still not finalising their Annual Return although only 17 days is left for the due date.

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stapler (bus) (307 Points)
Replied 14 October 2020

This is not just bad, but the worst governance. If they appreciate that extension is really needed coz of compelling reasons, why not extend it right now! Why keep it a guarded secret or suspense? If however, they reject the notion of compelling circumstances, they should firmly rule out any extension right away. So that all important compliances can be prioritised accordingly.

But there are valid grounds, and extension is definitely needed. They should promptly announce the decision without even a day's delay.