QR – 70 ITR & Audit Further Extension
- QR – 70 ITR & Audit Further Extension
- “Due dates” for furnishing of return of income for the assessment year 2020-21
- “Specified date” for furnishing of audit reports for the assessment year 2020-21
- “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
- “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
- Disclaimer:
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.
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