ESI Due Date Extension impact on Tax Audit of financial year 2019-20

Payment of ESI Contribution

In the wake of the coronavirus epidemic, Director-General of ESIC has relaxed the norms of the ESI (General) Regulations, 1950 by extension of due dates for payment of ESI contributions for the months of February, 2020 and March, 2020.

What are the normal due dates for ESIC payment for the month of February, 2020 and March, 2020?

The normal due dates for payment of ESI for the month of –

(i) February 2020 is 15th March 2020 and
(ii) March 2020 is 15th April 2020.

What are the extended due date for payment of ESI?

The extended due dates for payment of ESI for the month of –

(i) February 2020 is 15th April, 2020 and
(ii) March 2020 is 15th May, 2020

What is the source of above information?

Link

What are the Income Tax effect of the extension?

ESI Due Date Extension impact on Tax Audit of financial year 2019-20

• For the purpose of Explanation to section 36(1)(va) of the Income Tax Act, 1961 the *due date* stand extended.

• Accordingly, it will effect the reporting requirement in Tax Audit Report Form 3CD. In the Tax Audit of financial year 2019-20 relevant for assessment year, in Form 3CD, the due dates of February, 2020 and March, 2020 shall be required to be mentioned as 15.4.2020 and 15.5.2020 respectively, and suitable note may given in this regards.

This article has been authored by By CA. Rajiv Kumar Jain. He can be contacted at 9810288997

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