Business

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


Tax audit utility form has been enabled on its portal by the income tax department

The tax audit utility form has been enabled by the income tax department on its website for financial years 2019-20 and 2020-21.

According to the provisions of the income tax department, taxpayers are mandated to get their accounts audited if the sales, turnover or gross receipts of business exceed Rs 10 crore.

If a taxpayer is a professional, the limit was over Rs 50 lakh in 2020-21 (assessment year 2021-22).

The last date for filing the tax audit report for the financial year 2020-21 is January 15, 2022.

For 2019-20 i.e. assessment year 2020-21, the limit was Rs 5 crore for businesses and Rs 50 lakh for professionals while the due date for original tax audit report was January 15, 2021.

Companies though can still file the revised tax audit report for that year to rectify errors.



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