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Income Tax Department has notified new Form 26AS to include more information in it vide Notification No. 30/2020 dated 28 May, 2020. Earlier form 26AS use to contain Income Earned and TDS deducted thereon, refund issued.
The Income Tax department has started showing GST Turnover in Form 26A. Earlier Form 26AS used to contain the information of Income, TDS & Income tax refund. Now the New Form 26AS contains various informations obtained from Banking Companies, Insurance Companies, Registrar of Property, Listed Companies, GST department etc.
A derivative means an instrument whose value is derived. It has no value of its own. Its price is based on the underlying asset. As we all know that the transaction of derivatives are taxed under the head Business & Profession in the Income Tax and comes under the Tax audit preview u/s 44AB of the Income Tax Act. Now the question arises that the turnover of derivative is also considered in the taxable supplies under GST and GST Audit is applicable on that?
Central Board of Direct Tax has extended the due date for filing of Income Tax Return for the tax payers whose accounts are not subject to Audit till December 31, 2020. So for the small and middle class businessman, salaried employees, the due date of filing of Income Tax return is December 31, 2020. The due date of payment of Self Assessment Tax for the F.Y. 2019-20 is also extended to December 31, 2020.
There was a technical problems on submission of FLA on FLAIR Portal of RBI, on Account of technical difficulties, the due date for submission of FLA for the year 2019-20 has been further extended to 14th Aug 2020