The Income-tax department has launched a new Form – 26AS with effect from 1st July 2020. As per the old Form – 26AS, the taxpayers can check the details like TDS deducted, TCS Collected, Income tax Refund, and can claim the Tax credit while filing the Income-tax return (ITR).
However, the government has extended the scope of New Form – 26AS, which will reflect the details of financial transactions. From 1st July, 2020, all the transactions like cash deposit/withdrawal from saving bank accounts, credit card payments, purchase of shares, debentures, foreign currency, sale/purchase of immovable property, time deposits, mutual funds, buyback of shares and cash payment for goods and services will be recorded in the Form 26AS.
Additionally Form 26AS will also contain the following details:
More communication details: New Form 26AS will show the Adhaar number, Date of Birth, Mobile Number, and Email ID of the assessee. Till today, Name, address, and PAN of the assessee can be seen in the Form 26AS.
Financial transactions details: All the details reported in the Statement of Financial Transactions (SFT) under section 285BA) will now be available in the Form 26AS. This will help the entities like banks, financial institutions, etc. to get the ready-made financial details if it exceeds the prescribed limits.
For e.g. if you deposited amount exceeding Rs 10 lakh in one year, in one or more bank accounts under the same bank, if the value of the immovable property exceeds Rs. 30 Lakh then this sell or purchase require details of buyer and seller reach to the Income-tax department.
Outstanding demands and tax proceedings: In the new form 26AS, the Income-tax department will also provide details of outstanding demands. This will help you to verify whether the provided demand is genuinely outstanding or disputed.
Moreover, you can also see the pending income tax as per the tax department and details of proceedings that have completed during the year. This will help you to remind if there is any pending income tax.
Overall, New Form – 26AS will now contain the following details:
|1||Information related to TDS/TCS|
|2||Information related to Specified Financial transactions|
|3||Information related to taxes payment|
|4||Information related to demand and refund|
|5||Information related to pending proceedings|
|6||Information related to completed proceedings|