Is tax audit date extended?
2. The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which is 30th September, 2021, as extended to 31st October, 2021 vide Circular No. 9/2021 dated 20.05.
What is the due date for tax audit ay 2021-22?
The I-T department has also extended deadlines for various reports of audit for the Assessment Year 2021-22. Check these details: The due date of furnishing of Return of Income for the Assessment Year 2021-22, which was 31st July 2021, as extended to 30th September 2021 is hereby further extended to 31st December 2021.
Will tax filing deadline be extended in 2021?
Due to the COVID-19 pandemic, the federal government extended this year’s federal income tax filing deadline from April 15, 2021, to May 17, 2021. In addition the IRS further extended the deadline for Texas, Oklahoma and Louisiana residents to June 15. These extensions are automatic and applies to filing and payments.
Are you audited u/s 44AB?
As per section 44AB, following persons are compulsorily required to get their accounts audited : A person carrying on business, if his total sales, turnover or gross receipts (as the case may be) in business for the year exceed or exceeds Rs. 1 crore.
What is tax audit limit?
Amendment in Tax Audit Provisions
The Finance Act, 2021 has increased the threshold limit of turnover for tax audit u/s 44AB from Rs. 5 crores to Rs. 10 crores where cash transactions do not exceed 5% of total transactions.
Will ITR due date be extended?
One should keep in mind that last year too, the government has extended the due date of filing ITR for individuals four times – first from July 31 to November 30, 2020, then to December 31, 2020, and finally to January 10, 2021.
Will ITR filing date be extended?
The income tax return (ITR) filing deadline for FY 2020-21 for individuals has already been extended to September 30, 2021, from the normal deadline of July 31, 2021.
Is there any penalty for late filing of ITR?
Penalty on late filing
For the financial year 2020-21, the Central Board of Direct Taxes (CBDT) has extended the due date of filing ITR to 31 December of this year. Filing ITR after this date will attract a penalty of ₹5,000.
How do I extend my tax deadline 2021?
To request an extension to file your federal taxes after May 17, 2021, print and mail Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return. We can’t process extension requests filed electronically after May 17, 2021. Find out where to mail your form.
Do I still have to file taxes by April 15?
The IRS announced earlier this month that the federal income tax filing due date for individuals is now May 17, 2021, postponed about month from its traditional April 15 due date.
What happens if you miss tax deadline?
The penalty you will pay for not filing on time is 5% of your unpaid taxes for each month your return is late, with a maximum penalty of 25%. For each month you don’t pay, the IRS charges . 5%, and up to 25%. Penalties can add up to almost 50% of your tax bill.
Who is liable for tax audit u/s 44AB?
As per Section 44AB of the Income Tax Act, 1961, every person carrying on business is required to get his accounts audited , if his total sales, turnover or gross receipts in business exceeds Rs. 1 crore in the previous year.
What is the minimum turnover for audit?
Context: “As per section 44AB of the Income Tax Act,1961, any person carrying the business is required to get his books of accounts audited if the gross receipts/turnover exceeds ₹1 crore during the year (In case of presumptive taxation u/s 44AD, the threshold limit is ₹2 crore).