The income tax (I-T) department on Monday deferred, for the third time,
the requirement for firms to include details of Goods and Services Tax
(GST) and GAAR in their tax audit report, in view of the pandemic.
The reporting requirement of these details in the I-T audit form has
been kept in abeyance till March 31, 2021, suggesting that audit
reports need not include details on GST and General Anti-Avoidance Rules
(GAAR) till then.
Business entities with turnover of over Rs 1 crore (or Rs 2 crore if
they have opted for presumptive taxation), and professionals with gross
receipts of more than Rs 50 lakh, have to comply with the tax audit
requirements, for which the due date is September 30.
