The tax audit utility type has been enabled by the earnings tax division on its web site for monetary years 2019-20 and 2020-21.
According to the provisions of the earnings tax division, taxpayers are mandated to get their accounts audited if the gross sales, turnover or gross receipts of enterprise exceed Rs 10 crore.
If a taxpayer is an expert, the restrict was over Rs 50 lakh in 2020-21 (evaluation 12 months 2021-22).
The final date for submitting the tax audit report for the monetary 12 months 2020-21 is January 15, 2022.
For 2019-20 i.e. evaluation 12 months 2020-21, the restrict was Rs 5 crore for companies and Rs 50 lakh for professionals whereas the due date for unique tax audit report was January 15, 2021.
Companies although can nonetheless file the revised tax audit report for that 12 months to rectify errors.