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Government Enables Tax Audit Utility Form For 2019-20, 2020-21

Tax audit utility kind has been enabled on its portal by the revenue tax division

The tax audit utility kind has been enabled by the revenue tax division on its web site for monetary years 2019-20 and 2020-21.

In response to the provisions of the revenue tax division, taxpayers are mandated to get their accounts audited if the gross sales, turnover or gross receipts of enterprise exceed Rs 10 crore.

If a taxpayer is an expert, the restrict was over Rs 50 lakh in 2020-21 (evaluation yr 2021-22).

The final date for submitting the tax audit report for the monetary yr 2020-21 is January 15, 2022.

For 2019-20 i.e. evaluation yr 2020-21, the restrict was Rs 5 crore for companies and Rs 50 lakh for professionals whereas the due date for authentic tax audit report was January 15, 2021.

Firms although can nonetheless file the revised tax audit report for that yr to rectify errors.

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