I-T department enables tax audit utility form for FY'20, FY'21

The income tax Department 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 Rs 10 crore, while in case of professionals, the limit was over Rs 50 lakh in 2020-21 (AY 2021-22).

The last date for filing the tax audit report for the 2020-21 fiscal is January 15, 2022. For fiscal 2019-20 i.e. 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 January 15, 2021.

However, companies can still file the revised tax audit report for that year to rectify errors.

Nangia & Co LLP Director, Audit & Assurance, Shalu Kedia said the corporate assessees did not want to wait until due date which is falling in January for tax audit filing for AY 2021-22 can now proceed with their tax audit filings followed by corporate tax returns for Assessment Year (AY) 2021-22 (pertaining to fiscal 2020-21).