Accounting and GST, Tax

those looking to file a belated return, or revise an already filed return, for income generated between April 2018 and March 2019 can now do so till November 30 2020.

Quick Ratio Formula...

few basic things to remember in accounts

Section 194 N of the Income Tax Act has been amended vide clause 84 of the Finance Act 2020.
The Scope of TDS on cash withdrawal has been extended under the amended Section 194 N. TDS at the rate of 2% is required to be deduced if the withdrawer has not filed his tax return for three years and withdrawal during the year exceeds Rs 20 lakhs but less than Rs 1 crore. For withdrawal more than Rs 1 crore TDS at the rate of 5% is required to be deducted.

Income Tax and GST Due dates

The government via a notification dated May 28, 2020, has made changes to the Form 26AS. These changes have come into effect from June 1, 2020. Here are the four new changes in Form 26AS that will appear from now onward.

A). The new format will show your Aadhaar number, date of birth, mobile number, email ID and your address

B). Information related to specified financial transactions

C). Credit Cards

D). Foreign Currency Transactions

E). Information related to income tax demand and refund

F). Information related to income tax proceedings

For FY 2019-20 (AY 2020-21) Tax filing due date is 30th Nov 2020

Stamp Duty on Mutual Funds from 1st July 2020