Not 30th November, but 31st October is the due date of filing Audit Report

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Not 30th November, but 31st October is the due date of filing Audit Report

The income tax return has to be filed by the due date. If the return is filed after the due date then the late fee is attracted. Further, if there is a loss then the benefit of carry forward is also not available in such cases. Normally, due dates were starting from July, but this year all the dates are extended due to pandemics Covid 19.

The due dates for all taxpayers for FY 2019-20 are extended to 30th November 2020. The revised due dates of return of FY 2019-20 (AY 2020-21) now is as under:

Nature of the Taxpayer Due Date of filing Income Tax Return

for  FY 2019-20

Individual- Whether salaried or businessmen, whether senior citizens or not, 30th November 2020
Partnership Firm 30th November 2020
Body of Individuals (BOI) 30th November 2020
Hindu Undivided Family (HUF) 30th November 2020
Association of Persons (AOP) 30th November 2020
Assessee covered by tax audit provisions or audit under other Act 30th November 2020
Assessee who are require to file TP Report 30th November 2020

In short, the various due dates for filing the income-tax returns for the FY 2019-20 (AY 2020-21) is straightway extended to 30 November 2020 for all sort of the taxpayers

What is the due date in case of taxpayers covered by Tax Audit Provisions?

It may be noted that the due date of filing income tax returns for the FY 2019-20 (AY 2020-21) is straightway extended to 30 November 2020 for all sorts of the taxpayers,  whether covered by tax audit or not. It is important to note that FA-2020 has done an important amendment in section 44AB. The due date for filing a tax audit report has been made “one month” before the due date of filing income tax return.

Revised Explanations (ii) to section 44AB reads as under:

(ii)  “specified date”, in relation to the accounts of the assessee of the previous year relevant to an assessment year, means 91[date one month prior to] the due date for furnishing the return of income under sub-section (1) of section 139.

It means that the due date for filing getting the books of accounts audited and

Up-loading will be 31st October 2020 & not 30th November.  The amendment by the Finance Act – 2020 has been made applicable from AY 2020-21 (FY 2019-20).

Now, the question arises,
what about the due date in the case of charitable trust & NGO?

Indisputably, the due date of filing income tax return in such case is also 30th November 2020.

Question remains about the due date of filing an audit report in Form NO. 10B in such a case? Prior to the Finance Act -2020, the due date was linked to the date of filing income tax return u/s 139(1) only.  However, now this date of filing audit report in Form No. 10B is also linked with the date of filing audit report u/s 44AB.

Now, section 12A(1)(b) reads as under:

(b) where the total income of the trust or institution as computed under this Act without giving effect to the provisions of section 11 and section 12 exceeds the maximum amount which is not chargeable to income-tax in any previous year, the accounts of the trust or institution for that year have been audited by an accountant as defined in the Explanation below sub-section (2) of section 288 “before the specified date referred to in section 44AB and the person in receipt of the income furnishes by that date” the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed;

Finance Act -2020 has replaced the sentence “and the person in receipt of the income furnishes along with the return of income for the relevant assessment year” with “before the specified date referred to in section 44AB and the person in receipt of the income furnishes by that date” 

It means that the due date of filing an audit report for charitable trust, NGO & Such institutions for the FY 2019-20 (AY 2020-21 )will be 30th October as the due date of filing income tax return in such case is 30th November 2020.

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