News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax | PPE Safety Kit SITRA Approved | PPE Safety Kit
Direct Tax »
 Your share trading, other data will now be with Income Tax Department
 Income tax exemption on sovereign wealth funds' income from infra investment: CBDT
 Income tax department amends TDS form, makes it more comprehensive
 New TDS rules: How much tax is deducted for making cash withdrawals from bank
 E-Way Bill portal will not be available July 5th during 1AM to 5AM: CBIC
  Can you file your ITR now? Income Tax Return Forms are available
 Notification No. 36/2020 CENTRAL BOARD OF DIRECT TAXES
 Aadhaar-PAN linking to ITR filing, 8 financial deadlines extended recently amid COVID-19 outbreak
 Conveyance for official tours, transfers, daily travel to be tax-free in new tax regime
 Notification No. 33 Central Board of Direct Taxes
 How to pre-validate your bank account ITR filing

CBDT notifies revised Form 26AS, to now include real estate, share transaction details
May, 29th 2020

The revamped Form 26AS will now come into effect from June 1, the Central Board of Direct Taxes (CBDT) said.

The income tax department on Thursday notified the revised Form 26AS, containing details of tax collected or deducted at source which will now include information pertaining to property and share transactions.

With this, Form 26AS has now been revamped to an ‘Annual Information Statement’ which apart from the TDS/ TCS details, shall now contain comprehensive information relating specified financial transactions, payment of taxes, demand/ refund and pending/completed proceedings undertaken by a taxpayer in a particular financial year that has to be mentioned in the income tax returns.

Form 26AS is an annual consolidated tax statement that can be accessed from the income-tax website by taxpayers using their Permanent Account Number (PAN).

Nangia Andersen Consulting Chairman Rakesh Nangia said the Form 26AS in its new avatar seeks to provide much more comprehensive information regarding taxes paid by a taxpayer, details of pending as well as completed income tax proceedings, status of income tax demand and refund along with details of specified financial transactions undertaken by taxpayer during a particular financial year such as share purchase and property purchase in a single form/ statement.

“With all the information/ details available at one place, it will also assist tax authorities doing e-assessment and having no/ limited interaction with taxpayers, as tax authorities will be able to easily compare information available in Form 26AS vis-a-vis information reported by taxpayer in ITR and any mismatch may be easily flagged by the systems to tax authorities,” Nangia said.

It will also assist the taxpayers to identify and take corrective action, in case any incorrect information/ detail is reported in Form 26AS, he added.

Amit Maheshwari, Partner, AKM Global, said, “The Form 26AS has been made more comprehensive pursuant to the announcements made earlier on several occasions. It would also include information about financial transactions carried out by the taxpayer and would further ease the tax filing process as much of the information would be extracted from this only.”

Home | About Us | Terms and Conditions | Contact Us | PPE Kit SITRA Approved | PPE Safety Kit
Copyright 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting