Submission to MoF requesting for extension of due dates for filing income tax returns and audits reports by companies for Financial Year 2019-20
Blog: NASSCOM Official Blog
The due date for filing of income tax return for companies for Financial Year (FY) 2019-20 was extended to November 30, 2020. Furthermore, the due date for filing audit reports (such as tax audit report, transfer pricing audit report, audit report for claiming deduction under S.10AA, 80JJAA of the IT Act, etc.) for FY 2019-20 was also extended till October 31, 2020.
The return of income of a company can be filed once the statutory audit and subsequently the tax audit has been completed. In case of transfer pricing audit, the return of income can be filed only after filing of transfer pricing report in Form No. 3CEB.
Ministry of Corporate Affairs (MCA) has also extended the last date for holding Annual General Meeting (AGM) for FY 2019-20 till December 31, 2020, owing to current pandemic situation prevailing in the country. One of the most important agenda for holding AGM is presentation of audited financial statements for a particular FY and given this extension, audited financial statements for FY 2019-20 can be prepared/ presented by this extended timeline of December 31, 2020.
As a result, complying with due dates for filing tax audit and transfer pricing report by October 31, 2020, and income tax return filing by November 30, 2020 may seem to be improbable.
Given the dependency of filings required to be made under the IT Act on audited financial statements and the extension provided by MCA, NASSCOM has made a representation to Ministry of Finance to extend the timelines for filing income tax return and audit reports under the IT Act for FY 2019-20 till January 31, 2021 at the earliest.
This will help both the listed and the unlisted companies who are taking benefit of the MCA’s extension.
We will keep you posted on further developments in this regard.
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