Businesses with annual turnover of more than Rs 1 crore have to submit audit report. These deadlines have already been increased 3 times due to Corona virus epidemic.
New Delhi. The last date for filing audit reports and Income Tax Returns (ITR) by companies will not be extended. The Ministry of Finance has rejected all such reports, in which it was said that the deadline for filing ITR will be increased. ITR 2019-20: What Will Happen If You Miss The Last Date Of Filing ITR? In fact, the Gujrat High Court had asked the Finance Ministry in an order to give clear information about increasing these deadlines. After this, the Central Board of Direct Taxes (CBDT) has given this information. The CBDT said, “All reports of increasing DU dates are dismissed.”
Deadline has increased three times due to corona
The CBDT said that the deadline for filing audit reports has already been extended till January 15. It has been increased three times. In audit cases, the last date for filling the ITR has been extended till 15 February. The deadline for filing tax returns in non-audit cases was January 10, which has now passed.
The CBDT said, ‘It is clear from this that the government has not only taken care of all the stakeholders, but has also done the work of advancing the deadline. It should also be kept in mind that it is necessary to file audit report and income tax return and it cannot be postponed indefinitely. Many of the income tax department’s work starts only after filing income tax returns. Tax Saving (FD) Rules 2021
You have to pay late fees.
If you do not file your income tax return on time, then the department is fined. Let us know that if tax payers file the return after January 10, then the taxpayer will have to pay late fees of Rs 10,000. Apart from this, such taxpayers, whose income is not more than 5 lakhs, have to pay only 1000 rupees as late fee.
Earlier, the Gujarat Federation of Tax Consultants had filed a petition in the High Court regarding the income tax return. It demanded that the deadline for filing audit report and filing income tax return should be increased. Explain that if the total turnover of a business exceeds Rs 1 crore, then they have to submit a tax audit report.