The tax audit utility form has been activated by the tax service on its website for fiscal years 2019-20 and 2020-21.
According to the provisions of the Income Tax Department, taxpayers are mandated to have their accounts audited if the company’s sales, turnover or gross receipts exceed Rs 10 crore.
If a taxpayer is a professional, the limit was greater than Rs 50 lakh in 2020-21 (tax year 2021-22).
The deadline for filing the tax audit report for the 2020-2021 fiscal year is January 15, 2022.
For 2019-2020, i.e. the 2020-21 tax year, the limit was Rs 5 crore for businesses and Rs 50 lakh for professionals, while the due date of the original tax audit report was January 15, 2021.
However, businesses can still file the revised tax audit report for that year to correct errors.