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QR – 70 ITR & Audit Further Extension

QR – 70 ITR & Audit Further Extension

30th December 2020 & 31st December 2020 and 31st January 2021

{As per CBDT Press Release dated 24.10.2020}
{The necessary notification in this regard shall be issued in due course – says press release}

Regarding further extension of specified date & due dates under the Income Tax Act, 1961 for the assessment year 2020-21

The Central Board of Direct Taxes {hereinafter referred to as CBDT}, has further extended the “specified date” mentioned in section 44AB and “due date” mentioned in Explanation 2 to section 139(1) of the Income Tax Act, 1961 {hereinafter referred to as the Act} for the assessment year 2020-21 vide its official press release dated 24.10.2020.

“Due dates” for furnishing of return of income for the assessment year 2020-21

The extensions for furnishing of return of income for the assessment year 2020-21 have been made as per para 3 of the press release, as follows:

Due date as per clause (a) (i), (ii), (iii) of Explanation 2 to section 139(1)
{For persons whose accounts are required to be audited under Income Tax Act or under any other law for the time being in force (including their partners)}

(A) The “due date” for furnishing of Income Tax Returns for the taxpayers (including their partners) who are required to get their accounts audited under the Income Tax Act, 1961 or under any other law for the time being in force {for whom the “due date” as per clause (a) (i), (ii), (iii) of Explanation 2 to section 139(1) of the Act is 31st October 2020 and which was extended to 30th November 2020 by CBDT vide Notification No. 35/2020 dated 26.4.2020} has now been extended to 31st January 2021.

Due date as per clause (aa) of Explanation 2 to section 139(1)
{For persons who are required to furnish report u/s 92E}

(B) The “due date” for furnishing of Income Tax Returns for the taxpayers who are required to furnish a report in respect of international/specified domestic transactions {for whom the “due date” as per clause (aa) of Explanation 2 to section 139(1) of the Act is 30th November, 2020 has now been extended to 31st January 2021.

Due date as per clause (c) of Explanation 2 to section 139(1)
{For persons whose accounts are not required to be audited under Income Tax Act or under any other law for the time being in force (including their partners) and who are not required to furnish report u/s 92E}

(C) The “due date” for furnishing of Income Tax Returns for the other taxpayers {for whom the “due date” as per clause (c) of Explanation 2 to section 139(1) of the Act is 31st July 2020 and which was extended to 30th November 2020 by CBDT vide Notification No. 35/2020 dated 26.4.2020} has now been extended to 31st December 2020.

“Specified date” for furnishing of audit reports for the assessment year 2020-21

The extension for furnishing of audit reports for the assessment year 2020-21 has been made as per para 4 of the press release, as follows:

Specified date as per section 44AB r/w clause (ii) of its Explanation

The “specified date” for furnishing of tax audit report u/s 44AB of the Act {which as per section 44AB r/w clause (ii) of its Explanation is 30th September 2020 and which was extended to 31st October 2020 by CBDT vide Notification No. 35/2020 dated 26.4.2020} has now been extended to 31st December 2020.

Specified date as per various sections of the Act

The “specified date” for furnishing of audit report under various section of the Act {which as per respective section of the Act r/w clause (ii) of its Explanation is 30th September 2020 and which was extended to 31st October 2020 by CBDT vide Notification No. 35/2020 dated 26.4.2020} has now been extended to 31st December 2020.

Specified date as per section 92E r/w clause (iv) of section 92F

The “specified date” for furnishing of the report of international/specified domestic transaction under section 92E of the Act {which as per section 92E of the Act r/w clause (iv) of section 92F is 31st October, 2020} has now been extended to 31st December 2020.

“Specified dates” for getting the accounts audited and obtaining reports of such audit under various sections of the Act for the assessment year 2020-21

Last date as per all sections other than section 92E of the Act

The “last date” for getting the accounts audited and to obtain a report of such audit under various sections of the Act, including section 44AB (other than section 92E), is before the “specified date” and for this purpose, the “specified date” is one month prior to the “due date” for furnishing the return of income u/s 139(1) of the Act, which as per the Act is 30th September, 2020.

Since now the “due date” of furnishing of return of income in audit cases for the assessment year 2020-21 has been extended to 31st January 2020, therefore, the specified date is 31st December, 2020.

Accordingly, now the last date of getting the accounts audited and obtaining a report of such audit is extended to 30th December 2020.

“Specified dates” for getting the accounts audited and obtaining reports of such audit under section 92E of the Act for the assessment year 2020-21

Last date as per all sections other than section 92E of the Act

The “last date” for getting the accounts audited and to obtain a report of such audit under section 92E of the Act is on or before the “specified date” and for this purpose, the “specified date” is one month prior to the “due date” for furnishing the return of income u/s 139(1) of the Act, which as per the Act is 30th September 2020. Since now the “due date” of furnishing of return of income for the assessment

Since now the “due date” of furnishing of return of income in audit cases for the assessment year 2020-21 has been extended to 31st January 2020, therefore, the specified date is 31st December 2020.

Accordingly, now the last date of obtaining the report u/s 92E is extended to 31st December 2020.

Disclaimer:

Prepared and being disseminated to share information and knowledge with fellow professionals and stakeholders in the public interest. Any error or omission is bona fide, thus disclaimed. In case of any doubt, please refer to referred and relevant texts.

QR – 70 ITR & Audit Further Extension

Profile photo of CA Rajiv Kumar Jain CA Rajiv Kumar Jain

After completing graduation in Commerce in 1975 from Hisar (Haryana), I completed my articles from M/s. S. Prasad & Co., Chartered Accountants, Delhi, and passed CA in the year 1980. Since then I have been in whole-time practice under the name of M/s. Rajiv Jain & Co., and worked as a partner in M/s. K.C.Gupta & Co. from 2008 to 2020. During my tenure in practice, I have excelled in the fields of Direct and Indirect Taxes, Company Law matters, Company and Tax Audits, including an appearance in ITAT and Service Tax Appellate Tribunal. Gradually I have concentrated on Direct Tax, Sales Tax/VAT and Service Tax matters. I regularly prepare articles and updates on direct tax, VAT/CST, and Service Tax GST matters, which are being shared among fellow professionals through emails and mobile for sharing knowledge in view of the continued education programme of ICAI. The object of my involvement in such activities is to share my personal experience relating to human behavior and personality development, professional experience, and the little knowledge about tax laws, especially with young entrants in practice. 1. Attended Seminar of East Delhi CA CPE Study Circle of NIRC of ICAI on 31.5.2010 as a guest speaker and delivered a lecture on ‘various issued on preparing and filing Income Tax returns for A.Y. 2010-11. 2. Attended Seminar of East Delhi CA CPE Study Circle of NIRC of ICAI on 30.6.2011 as a guest speaker and delivered a lecture on ‘Recent issues in Income Tax Act, 1961 and Capital gains with special reference to Section 54 and 54F “and“ Recent issues in Value Added Tax”. 3. Adjudged and awarded the “Upcoming Speaker of NIRC” award in the year 2013. 4. Attended Seminar of East Delhi CA CPE Study Circle of NIRC of ICAI on 17.4.2013 as a guest speaker and delivered lecture on “Recent amendments in DVAT Act and DVAT Rules”. 5. Attended workshop of NIRC on Indirect Taxes and deliberated as guest speaker 18.4.2013 on “Recent amendments in DVAT Act and DVAT Rules”. 6. Attended Seminar of East End CA CPE Study Circle of NIRC of ICAI on 8.6.2013 as guest speaker and delivered a lecture on “Recent amendments in DVAT Act and DVAT Rules”. 7. Attended Seminar of East Delhi CA CPE Study Circle of NIRC of ICAI on 22.6.2013 as guest speaker and delivered a lecture on “Detailed discussion on DVAT and CST provisions with regard to ADVT Audit Report”. 8. Attended Seminar of Shastri Nagar CPE Study Circle of NIRC of ICAI on 7.11.2013 as guest speaker and delivered four hrs. lecture on “ DVAT Audit in Form AR-1”. 9. Attended Seminar of North Campus CPE Study Circle of NIRC of ICAI on 20.11.2013 as guest speaker and delivered a lecture on “ DVAT Audit in Form AR-1”. 10. Attended Seminar of Shastri Nagar CPE Study Circle of NIRC of ICAI on 21.11.2013 as guest speaker and delivered a lecture on “ DVAT Audit in Form AR-1”. 11. Attended Seminar of Laxmi Nagar CPE Study Circle of NIRC of ICAI on 25.8.2014 as guest speaker and delivered a lecture on “ Income Tax Audit u/s 44AB with particular reference to new Forms Audit Report”. 12. Attended Seminar of Laxmi Nagar CPE Study Circle of NIRC of ICAI on 17.10.2014 as guest speaker and delivered a lecture on “ Income Tax Audit u/s 44AB with particular reference to new Forms Audit Report”. 13. Attended Seminar of Laxmi Nagar CPE Study Circle of NIRC of ICAI on 31.1.2015 as a guest speaker and delivered a lecture on “ CST Form -9 with particular reference to the filling of form and practical aspects”. 14. Attended Seminar of Shastri Nagar CPE Study Circle of NIRC of ICAI on 21.2.2015 as a guest speaker and delivered a lecture on “ CST Form No. - 9, DVAT Form No. DP-1 and Recent Circulars on Income Tax”. 15. Attended Seminar of East Delhi CPE Study Circle of NIRC of ICAI on 13.6.2015 as a guest speaker and delivered a lecture on “ Provisions of Finance (No. 2) Act, 2014 and Finance Act 2015 relevant for AY 2015-16 and FY 2016-17” 16. Attended Seminar of East End CPE Study Circle of NIRC of ICAI and CA. Nitin Kanwar & International Tax C.A. Group on 24.6.2015 as guest speaker and delivered lecture on Provisions of Finance (No. 2) Act, 2014 and Finance Act 2015 relevant for AY 2015-16 and FY 2016-17” 17. Attended Seminar of Shastri Nagar CPE Study Circle of NIRC of ICAI on 25.7.2015 as guest speaker and delivered lecture on “ DVAT – Latest Developments – DVAT (2nd Amendment Act), 2015 18. Attended Seminar of Shastri Nagar CPE Study Circle of NIRC of ICAI on 28.11.2015 as guest speaker and delivered lecture on “ DVAT – Latest Developments. 19. Attended Seminar of Tri Nagar Keshav Puram CPE Study Circle of NIRC of ICAI on 2.12.2015 as guest speaker and delivered lecture on “ DVAT – Latest Developments”. 20. Awarded for “Commendable Contribution in the activities of profession” by NIRC in the year 2015 on 20.2.2016. 21. Attended Seminar of Laxmi Nagar CPE Study Circle of NIRC of ICAI on 30.4.2016 as guest speaker and delivered lecture on “ Recent issues on DVAT “ with special reference to returns under DVAT and CST Acts. 22. Attended Seminar of East Delhi CPE Study Circle of NIRC of ICAI on 14.5.2016 as guest speaker and delivered lecture on “ DVAT” and “ICDS” 23. Attended Seminar of Tri Nagar Keshav Puram CPE Study Circle of NIRC of ICAI on 4.6.2016 as guest speaker and delivered lecture on “ TDS/TCS & Advance Tax Amendments in Finance Act,, 2016 with special reference to section 206C as amended by the Finance Act, 2016”. 24. Attended Seminar of Patparganj CPE Study Circle of NIRC of ICAI on 11.6.2016 as guest speaker and delivered lecture on “ TDS/TCS & Advance Tax Amendments in Finance Act,, 2016 with special reference to section 206C as amended by the Finance Act, 2016”. 25. Attended Seminar of East End CPE Study Circle of NIRC of ICAI on 16.6.2016 as guest speaker and delivered lecture on “ Provisions of Section 206C as amended by the Finance Act, 2016”. 26. Attended “workshop on TDS and TCS” organized by NIRC of ICAI on 22.6.2016 as guest speaker and delivered lecture on “ Provisions of Section 206C as amended by the Finance Act, 2016”. 27. Attended Seminar of North Ex Study Circle of NIRC of ICAI on 28.6.2016 as guest speaker and delivered lecture on “Overview of ICDS”. 28. Attended Seminar of North Ex Study Circle of NIRC of ICAI on 29.11.2016 as guest speaker and delivered lecture. 29. Attended Seminar of Laxmi Nagar CPE Study Circle of NIRC of ICAI on 24.12.2016 as guest speaker and delivered lecture on “Demonetization, 2016” with special reference to “Taxation Law (2nd Amendment) Act, 2016. 30. Recently I have been appointed as “special invitee” in Direct Tax Committee (DTC) of ICAI for the year 2019-20. 31. Attended Seminar of North Ex Study Circle of NIRC of ICAI on 16.9.2019 as a guest speaker and delivered lecture on Tax Audit with a new perspective. 32. I have been reappointed as “special invitee” in the Direct Tax Committee (DTC) of ICAI for the year 2020-21. 33. During the Covid-19 pandemic lockdown period delivered a lecture as a guest speaker in Webinar on 9.4.2020 on Interpretation of Relief Ordinance, 2020 dated 31.3.2020. 34. During the Covid-19 pandemic lockdown period delivered a lecture as a guest speaker in Webinar on 15.9.2020 on Tax Audit and Presumption Taxation under Income Tax Act, 196 for East Delhi Study Circle.

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