Will #TaxAuditExtendToday campaign work? – The Hindu Business Line

  • Press Release|
  • < 1 minute
  • By Taxmann
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  • Last Updated on 28 October, 2020

September 26, 2019 Naveen Wadhwa, Deputy General Manager at Taxmann.com, said: “Since failure to furnish tax audit report on time, invites penalty of ₹1,50,000 or 0.5 per cent of turnover to the businesses, it is essential that government should consider an extension of due date for tax audit by 30 days at least.” He also said that many new reporting requirements have been introduced in the forms like reporting of shareholding in unlisted companies, additional disclosures requirements for start-ups and extended schedule for profit and loss items in the new forms, require more time for auditors to gather all the required information from an assessee and report it in ITR. Tax Audit Campaign Others cite offices being shut down on account of rains and floods at various locations, and delay in providing instructions for filing ITRs by the IT Department as the reasons warranting extension of due date for filing tax audit reports. Read the full article here:  #TaxAuditExtendToday campaign, Taxmann

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