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Government enabled tax audit utility form for 2019-20, 2020-21

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Tax Audit Utility Form has been enabled by the Income Tax Department on its portal

The Tax Audit Utility Form has been enabled by the Income Tax Department on its website for the financial years 2019-20 and 2020-21.

As per the provisions of the Income Tax Department, it is mandatory for taxpayers to get their accounts audited if the sales, turnover or gross receipts of the business exceed Rs 10 crore.

If a taxpayer is a professional, the limit was more than Rs 50 lakh in 2020-21 (Assessment Year 2021-22).

The last date for filing tax audit report for the financial year 2020-21 is January 15, 2022.

For 2019-20 i.e. assessment year 2020-21, 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 companies can still file a revised tax audit report for that year to rectify the errors.

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