Your Form 26AS will now include information related to off-market transactions, dividends received from mutual funds and more. This was announced by the Central Board of Direct Taxes (CBDT) via an order dated October 26, 2021.
The new rule came into effect last year after the CBDT expanded the scope of information available in Form 26AS. With the latest order, CBDT has reiterated that this information be shown in the individual’s Form 26AS.
As per the amended version last year, Form 26AS was supposed to show information about the specified financial transactions such as the purchase of mutual funds, payment of credit card bills, foreign currency transactions etc. if it exceeds the specified limit.
As per the latest CBDT order: In exercise of powers conferred under section 285BB of the Income-tax Act, 1961 read with sub-rule (2) of Rule 114-I of the Income-tax Rules, 1962, the Central Board of Direct Taxes (‘Board’) hereby authorizes the Director General of Income-tax (Systems) to upload information relating to following sources, which is in her/his possession, in the Annual Information Statement in Form 26AS in the electronic filing account registered by the assessee in designated po ..
iv. Interest on income tax refundv. Information in Form 61/61A where PAN could be populatedvi. Off Market Transactions reported by Depository/Registrar and Transfer Agent (RTA)vii. Information about dividend of mutual fund reported by Registrar and Transfer Agent (RTA)viii. Information about purchase of mutual fund reported by Registrar and Transfer Agent (RTA).
It is important to note that some of the information mentioned above has been seen in Form 26AS in previous years as well. For instance, interest received on income tax refund can be seen in the previous year (for FY 2018-19) Form 26AS before the format was amended.
Mutual fund investments exceeding Rs 10 lakh is required to be reported in Form 26AS as per the amended version from last year.
Similarly, dividend income has become taxable from FY 2020-21 and tax has to be deducted on it if it exceeds Rs 5,000 in a financial year. Thus, any tax deducted on dividend income in the last year must be reflected in Form 26AS.Form 26AS is the tax passbook of an individual containing details of the tax deducted and deposited against the PAN of an individual during a financial year.
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