Income Tax

New Form 26AS, Now an Annual Information Statement

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.

 

Now, The Income Tax Department has widen the scope of Form 26AS to include more information in it.  In addition to the information of Income, TDS/TCS and Income Tax refund, it will include various informations received from Banking & Financial Companies, Registrar of Property, GST Department, Varius listed companies, Insurance Companies etc.

The Income Tax department has included following information in new Form 26AS

  • Information relating to tax deducted or collected at source
  • Information relating to specified financial transaction
  • Information relating to payment of taxes
  • Information relating to demand and refund
  • Information relating to pending proceedings
  • Information relating to completed proceedings

 

Format of New Form 26AS

Financial Year:
Form 26AS Annual Information Statement XXXX-XX
[See rule 114-I ] Assessment Year:
XXXX-XX
Part A
Permanent Account Number: Aadhaar Number:
Name :
Date of Birth/Incorporation:
Mobile No. :
Email Address :
Address:
Part B
Sl. No Nature of information
1. Information relating to tax deducted or collected at source
2. Information relating to specified financial transaction
3. Information relating to payment of taxes
4. Information relating to demand and refund
5. Information relating to pending proceedings
6. Information relating to completed proceedings
7. Any other information in relation to sub-rule (2) of rule 114-I

 

New Form 26AS will include various informations notified as Specified Financial Transaction (SFT)

 

Sr. no. Transaction type Reporting Limit in INR (Aggregate amount in a FY) Reporting Persons
1 Cash payment for purchase of bank drafts 10 lakh or more. Banks
2 Cash deposits or cash withdrawals in current account. 50 lakh or more Banks
3 Cash deposits in one or more accounts (other than a current account and time deposit). 10 lakh or more Banks
4 Time deposits 10 lakh or more Banks
5 Payments made by any person in respect of credit cards issued to that person 1 lakh or more in cash or

10 lakh or more by any other mode

Banks
6 Purchase of debentures or bonds. 10 lakh or more Company or institution
7 Purchase of Shares 10 lakh or more Company
8 Buy back of shares 10 lakh or more Listed Company
9 Purchase of Mutual fund units 10 lakh or more Trustee of MF
10 Purchase of foreign currency 10 lakh or more Authorised person- FEMA
11 Purchase or Sale of immovable property Rs. 30 lakh or more Inspector, Registrar or Sub- Registrar
12 Cash payments for goods or services 2 lakh or more Any person liable for Audit u/s 44AB

 

The New Form 26AS will work as an guide to the Honest Taxpayers.  It will help him to file correct information in his ITR and reduce the litigation. If the Taxpayer discloses correct information as per form 26AS,  the chances of case selected in scrutiny gets  reduced.   Whereas it will be a check on the Income tax evaders, who discloses incorrect information or hide income to evade tax.

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