The Income Tax Department on Monday deferred for the third time the requirement for companies to include in their I-T audit report the details of the Goods and Services Tax (GST) and GAAR. The reporting requirement of these details in income tax audit form has been kept in abeyance till March 31, 2021 — meaning that all income tax audit reports need not include details on the GST and the General Anti-Avoidance Rules (GAAR) till March 2021. Business entities having a turnover of more than ₹1 crore (or ₹2 crore if they have opted for presumptive taxation) and professionals with gross receipts of more than ₹50 lakh have to comply with the tax audit requirements. The Central Board of Direct Taxes (CBDT) in an order issued on Monday said the board has received representations with regard to difficulty in implementation of reporting requirements under clause 30C (pertaining to GAAR) and clause 44 (pertaining to GST compliance) of the Form No 3CD in view of the global pandemic due to COVID-19 and requested for deferring it’s applicability. “The matter has been examined and in view of the prevailing situation due to COVID-19 pandemic across the country, it has been decided by the board that the reporting under clause 30C and clause 44 of the tax audit report shall be kept in abeyance till March 31, 2021,” the CBDT said.

(Live Mint)