New Form 26AS apart from TDS/TCS details will include comprehensive details of tax proceedings, demand beside other things
The income tax department has notified revised form 26AS in the last week of May 2020. These changes will have effect from 1st June 2020.
The Hon’ble finance minister has Nirmala Sitharaman in her budget speech proposed to introduce a new section 285BB which will require The income tax department to revamped 26AS to an “Annual Information Statement” to include real estate and share trading related transaction also.
What is Form 26AS
Form 26AS- This is a tax credit statement linked with the PAN no. of the taxpayer. This contains details of tax deducted at source (TDS), tax collected at source(TCS) advance tax paid, self-assessment tax paid, regular assessment tax paid by the taxpayer, etc. It can be downloaded from the traces website or through the net banking process of authorized banks.
Changes in Form 26
Before revision in 26AS, it includes only TDS/TCS transaction, Advance Tax transaction, etc. But now after revision 26AS revamped to an “Annual information statement. Important things about the new 26AS are as follows.
- The revamped form 26AS will have effect from 01.06.2020.
- This new form will contain comprehensive information related to the specified financial transactions.
- It also includes payment of taxes, demand/refund status and pending/completed proceedings undertaken by a taxpayer in a particular financial year that has to be mentioned in the Income Tax Returns i.e. ITR
- The related changes have already been notified by the Hon’ble finance minister Nirmala Sitharaman in her budget 2020 speech.
- This move will simplify the ITR filing process as most of the necessary details will fetch from the new form 26AS.
It will also assist the taxpayers in identifies and take corrective action, in case of any discrepancy identified in 26AS.New Tax Route
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Compiled by- CA Chirag Agarwal (Practicing Chartered Accountants)