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of <h1>Finance Bill 2020 Amends Section 50B: Accountant's Report for Slump Sales Due a Month Before Income Return</h1> Clause 26 of the Finance Bill, 2020, amends section 50B of the Income-tax Act concerning capital gains from slump sales. Previously, sub-section (3) required assessees to submit an accountant's report with their income return. The amendment mandates that this report, detailing the computation of net worth, must be submitted before the specified date in section 44AB, one month prior to the income return's due date. This change, effective from April 1, 2020, applies to the assessment year 2020-2021 and onwards, ensuring timely submission and accurate net worth computation for slump sales.
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