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Due Date for Filing of Tax Audit Report Delinked from Due Date for Filing of Return of Income from Assessment Year 2021-22

To enable pre-filing of returns on basis of audit reports, various  sections of the Income-tax Act are proposed to be amended  to provide that the tax audit report shall be furnished by the  assessees at least one month prior to the due date of filing of  return of income.

The due date for filing of return of income in case of tax audit is also proposed to be increased from September 30 to October 31 of the Assessment Year.

Thus, tax audit  reports shall be required to be furnished on or before September  30 of the Assessment Year.

Therefore, the Finance Bill proposes  amendment in following sections:

S. No.

List of Sections

Description

Form No.

1

Section 10(23C)

Audit report certifying the exemption claimed under section 10(23C).

10BB

2

Section 10A

Audit report certifying the deduction claimed under section 10A

56F

3

Section 12A

Audit report certifying the exemption claimed under section 11 by a trust registered under section 12A

10B

4

Section 32AB

Audit report certifying the deposits made to investment deposit account for the purposes of deduction under section 32AB

3AAA

5

Section 33AB

Audit report certifying the deduction for expenditure on know how under Section 33AB.

3AC

6

Section 33ABA

Audit report certifying the deduction for expenditure for obtaining right to use spectrum for telecommunication services under Section 33ABA.

3AD

7

Section 35D

Audit report certifying deduction for amortization of certain preliminary expenditure under Section 35D.

3AE

8

Section 35E

Audit report certifying the deduction for expenditure on prospecting for certain mineral under Section 35E.

3AE

9

Section 44A8

Audit report where a person is carrying on business or profession

3CA/3CB/
3CD

10

Section 44DA

Audit report to certify the income computed by way of royalties provisions of Section 44DA

3CE

11

Section 50B

Audit report to certify the capital gains computed on slump sale as per provisions of Section SOB

3CEA

12

Section 80-IA

Audit report certifying the deduction in respect of profit & gains from industrial undertakings or enterprises engaged in infrastructure development under Section 80-IA.

10CCB

13

Section 80-lB

Audit report certifying the deduction in respect of profit & gains from industrial undertakings other than infrastructure development undertakings under Section 80-lB.

10CCBA

14

Section 80JJAA

Audit report certifying the deduction in respect of employment of new employees under Section 80JJAA.

10DA

15

Section 92F

Change in definition of ‘Specific Date’

-

16

Section 115JB

Audit report certifying the book profit computed for the purpose of MAT under Section 115JB

29B

17

Section 1 15JC

Audit report certifying the adjusted total income and computation of AMT as per section 115)C

29C

18

Section 115VW

Audit report certifying the computation of income made under tonnage taxation scheme

66

Threshold Limit for Tax Audit increased to Rs. 5 crore  [Applicable from Assessment Year 2021-22] Tax Amendments in Finance Bill 2020 Dividend Distribution Tax (DDT) is Abolished from Assessment Year 2021-22
Income Tax Slab for Financial Year 2020-21 (AY : 2021-22)



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Tax Amendments in Finance Bill 2020

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TDS, TCS, Advance Tax & Refunds
TDS, TCS, Advance Tax & Refunds

Guide & Taxation with Amendments made by the Finance Act. 2018 and the Rules as amended till Date.


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TCS
Advance Tax & Refund
 
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