The Tamil Nadu Government has notified the extension of the time limit for Furnishing VAT Audit Report in Electronic Form for Financial Year 2020-21 till 31st March, 2022.
“In exercise of the powers conferred by section 86A of the Tamil Nadu Value Added Tax Act, 2006 (Tamil Nadu Act 32 of 2006), the Governor of Tamil Nadu hereby specifies that the time limit to furnish the audit report in electronic Form WW for the financial year 2020-2021, as stipulated in sub-rule (1) of rule 16-A of the Tamil Nadu Value Added Tax Rules, 2007, stands extended upto the 31st day of March, 2022,” the Government said.
Rule 16A has also been inserted to TNVAT Rules, 2007 w.e.f. 30th August, 2012 which states the Procedure for filing Audit Report under Rule 16A that every registered dealer is liable to get his accounts audited as per sub-section (1) of Section 63A and shall furnish the audit report in Form-WW within seven months from the end of the year in duplicate. The notice of penalty will be issued in Form-RR. Form WW prescribes annexures containing certain prescribed particulars and a descriptive report of the findings on non compliance, short comings and deficiencies in the returns filed by the dealer along with the copies of trading, profit and loss account and balance sheet.
The trading, profit & loss account and balance sheet referred above pertains to the activities of the dealer within Tamil Nadu only and if separate accounts are maintained in respect of operations outside Tamil Nadu, it may be convenient to prepare the statements and submit the same by the dealer. Where the Principal is a non resident of the State of Tamil Nadu, the transactions of Agent will be reported in the returns filed by the Agent in the State of Tamil Nadu. The VAT Auditor shall verify the purchases/sales as disclosed in the returns filed, with relevant records and documents.
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