Your tax book, i.e. Form 26AS, will come with some changes this year. In addition to the new format, effective from June 1, 2020, your 26AS form will now contain information on tax refunds and demands (if any) against your name. The Form 26AS will also have information on specific financial transactions, such as stocks you bought or sold, real estate transactions, credit card bill payment details, etc.
These changes were notified by the government through a notification dated May 28, 2020.
Here's a look at all the changes that have been made to the Form 26AS.
The new format will show your Aadhaar number, date of birth, mobile phone number, email ID, and address.
In addition to the details of taxes deducted from different sources of income, such as salary, interest, etc. Deposited to your PAN account during the fiscal year, the revised form will also contain information related to specific financial transactions.
These include buying and selling stocks, real estate, etc., making cash payments for the purchase of bank transfers, prepaid tools from the Reserve Bank of India (such as mobile wallets), cash deposits in the year tax and pay credit card bills (both cash or and other modes).
Chartered Accountant, Naveen Wadhwa, DGM, Taxmann.com, says: "The revised 26AS form will show the specific financial transactions that were made as of June 1, 2020. However, these transactions will only be shown if they exceed the established threshold in the fiscal year For example if the total credit card bill paid through electronic modes (not including cash payment) exceeds SEK 10, the credit card bill payment will appear in Form 26AS Similarly, if the mutual fund's investments in a financial year exceed the Rs 10 lakh, only these transactions will be reflected in the Form 26AS. "
Want to know if a tax refund has been paid during the year or if you have a pending tax application on your behalf? The new Form 26ASwill also contain this information.
"Previously, this information can be verified by logging into your account on the Income Tax Department's electronic filing website. However, a pending tax application or income tax refund will now also be available on the Form 26AS. Currently, it shows details of the tax refund paid, "Wadhwa said. However, it remains to be seen whether it will now continue to show the amount of tax refund paid or the amount owed to the individual. "
You can now check the status of any income tax procedure you participate in on your Form 26AS. "The status of any income tax procedure can now be verified through Form 26AS. The revised Form 26AS will clarify if there are pending procedures underway with the Income Tax Department or if the procedures have been completed. However, no additional details are known yet. Related procedures to be filed on Form 26AS. "
Source: Economics Times
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