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Extend Tax Audit, Transfer Price Audit and Income Tax Return due date for AY 2020-21

Aishna Kukreja 
on 23 October 2020

LinkedIn


In lieu of the COVID-19 pandemic, several organizations have come together to collectively request the Finance Minister Smt. Nirmala Sitharaman for an extension in the due date for filing of Tax Audit Report, Transfer Price Audit Report, and Income Tax Return for AY 2020-21. Such an extension is requested under Section 44AB and Section 92E of the Income Tax Act, 1961 for Tax Audit Report and Income Tax Return filing.

There has been a lot of conjecture on whether the due dates will be extended or not

Associations that have requested an extension in the due date for Tax Audit, Transfer Price Audit, and Income Tax Return Filing for AY 2020-21

Extend Tax Audit, Transfer Price Audit and Income Tax Return due date for AY 2020-21

S.No.

REQUEST MADE BY

REQUEST DATED

1

Chamber of Tax Consultants

7th Oct 2020

2

Tax Bar Association, Alwar

8th Oct 2020

3

Tax Bar Association, Jodhpur

10th Oct 2020

5

संभागीयचैम्बरऑफ़कॉमर्सएंडइंडस्ट्रीजभरतपुर (राजस्थान)

11th Oct 2020

6

All Gujarat Federation of Tax Consultants

12th Oct 2020

7

Tax Practitioners Association, Indore

13th Oct 2020

8

All India Federation of Tax Practitioners (CZ)

13th Oct 2020

9

Tax Bar Association, Bhilwara

14th Oct 2020

10

Gujarat Chamber of commerce & Industry

14th Oct 2020

11

Karnataka State Chartered Accountants Association

15th Oct 2020

12

Tax Consultant's Association, Jaipur

13

Udaipur Tax Bar Association

10th Oct 2020

14

Nagpur Chamber of Commerce Limited

15

Lucknow Chartered Accountants Society, Bombay Chartered Accountants' Society, Chartered Accountants Association (Ahmedabad), Chartered Accountants Association (Surat), and Karnataka State Chartered Accountants Association

21st Oct 2020

16

All Odisha Tax Advocates Association (AOTAA)

22nd Oct 2020

17

Direct Taxes Professionals' Association, Kolkata

22nd Oct 2020

What are the due dates that have been requested by most associations?

Particulars

Current Due date

Requested Due Date

Income Tax Returns (ITRs) for all taxpayers (including where audit under the Income-tax Act or any other Act is applicable) for FY 2019-20
 

30th November 2020

31st March 2021

Tax Audit Report submission for FY 2019-20

31st October 2020

28th February 2021

Transfer Pricing Report submission for FY 2019-20

31st October 2020

28th February 2021

GST Annual Return (GSTR-9) and GST Audit (GSTR-9C) submission FY 2018-19
 

31st October 2020

31st December 2020

GST Annual Return (GSTR-9) and GST Audit (GSTR-9C) submission FY 2019-20
 

31st December 2020

30th June 2021

What do the members of some of the associations have to say regarding this?

• CA SuhasParanjpe, President, BCAS

"We at BCAS are concerned with genuine difficulties faced by MSME/SME businesses and small and medium tax practitioners in compliances due to non-availability of modes of conveyance, travel restrictions. Also, many are infected with Covid-19. We urge the authorities to be considerate and extend the various due dates immediately."

• CA Rasesh Shah, President, CAAS

"The Government is not treating taxpayers equally and fairly by not extending due dates during Pandemic, when due dates for the income-tax department for complying various provisions have already been extended till 31 March 2021."

 

• Anshul Agarwal, President, LCAS

"The magnitude of disruption caused in the lives and work schedules of the people of the country due to COVID-19 pandemic necessitates a liberal approach from the Government is asking the taxpayers and professionals to make compliances under various laws. The least the Government can do is to extend due dates under various laws notably under Income Tax and GST laws till 31.03.2020 at one go instead of extending it for short periods every month."

• CA Rajni Shah, Ahmedabad

"The Hon'ble PM has advised all Indians to take necessary precautions in this terrible Covid-19 time. There are last-minute changes in Form 3CD and the utility has not yet been made available. The Finance Ministry should have suo motu extended the due dates considering the views of the PM and looking to the grave situation in the country."

 

• Kumar S. Jigajinni, President, KSCAA

"Covid-19 situation continues to cause havoc in the state of Karnataka disrupting operations of businesses and CA offices. The need of the hour is to take care of self & their near one's health and not be pressurized by statutory obligations of dues dates. Impending times prevalent is to humanity, merits absolute interference in extension of date of tax audit and return filing, an early indulgence in this is appreciated."

Keeping the current situation of the country in mind, the request for an extension of due dates seems justified. However, it won't be of much use if the government extends the due date on the very last day, just like it has been doing in the past. In order to provide relief to the taxpayers, professionals, and employees, an extension in the due date is the need of the hour and must be done immediately.

Do you agree? Share your views in the comments section below.


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