In a Relief for taxpayers, deadline to file ITRs for F.Y. 19-20 extended

In a Relief for taxpayers , deadline to file Income Tax Returns for the FY 2019-2020 i.e. AY 2020-2021 has been extended as under :

1) The deadline for filing ITR by individual taxpayers whose accounts are not required  to be audited has been extended till 30 November from the usual 31 July.
2) The deadline for filing ITR by taxpayers whose accounts are required to be audited has also been extended till 31 October from the usual 30 September.
3) Also the Period of the Vivad Se Vishwas scheme for making payments without additional amounts also extended till 31 December

Why are the Income Tax Filing Due Dates Extended ?

"Due dates for annual filings and compliances have been extended to account for loss of working days due to the lockdown"

Who are those assesses who must get their accounts Audited ? 

Income tax assesses who must get their accounts audited by chartered accountants are governed under Section 44AB of the Income tax Act, 1961. 

Tax payers with sales exceeding INR 1 crore (INR 2 crores under Section 44AD) or receipts from a profession exceed INR 50 lakh during a financial year  are required to file the ITR along with an audit report. 

Besides, assessees covered under Section 44AD, 44AE, 44AF, 44BB or 44BBB (persons claiming that profits and gains from business are lower than the profits and gains computed under these sections) are also required to get their account books audited.

They include professionals such as accountants, doctors, engineers, architects, lawyers, interior designers and actors.

The books of accounts that need to get audited are described under Section 44AA 

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SGA, Chartered Accountants, Pune is a practicing CA firm serving domestic and international clients with a wide range of services.

Our services: Audit & Assurance, Direct Tax (Income Tax), Indirect Tax (GST), Book Keeping. Accounting, Startup & Company Registration & Specialised NRI Tax Services.

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