The Central Board of Direct Taxes (CBDT) has once again extended the deadline for Indian corporates in reporting General Anti-Avoidance Rules (GAAR) and Goods & Services Tax (GST).
In a circular last week, the CBDT stated that several representations were received by the board in regards to difficulty in implementation of reporting requirements under clause 30C and clause 44 of the Form No.3CD of the Income Tax Rules, 1962, due to global pandemic caused by Covid-19 virus.
That said, the authority received a request fro deferring the applicability of the above provisions.
According to the IT Act’s section 44AB, specified person or entities are required to furnish Form 3CD.
Companies having a turnover of Rs1cr and professionals with gross receipts of over Rs5cr should comply with the tax audit requirements by filing GAAR and GST.
After examining the matter in the prevailing situation due to COVID19 pandemic across the country, CBDT decided reporting under clause 30C and clause 44 of the Tax Audit Report to be kept in abeyance till March 2021 end.
This would be the third time CBDT extended the deadline for reporting under clause 30C and clause 44 of the Tax Audit report.
In effect from August 2018, the deadline was first extended to March 2019, followed by another extension till March 2020