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26AS is an annual consolidated income tax credit statement. It helps the
taxpayer to ascertain that the tax deducted and the advance tax paid during the
year match with the
tax deposited as per the tax department’s records. One can
directly import the Form 26AS information, while filing Income Tax Returns.
This Form can directly be accessed through net banking facility or through e
filing website of the Income Tax Department (https://incometaxindiaefiling.gov.in).
your form 26AS will not just have information about total income tax paid or
refund received, but also about pending and completed proceedings under Income
Tax Act. The Central Board of Direct Taxes (CBDT) has notified the new version
The new form
will come into effect from June 1, 2020.
Let us look at the changes in Form 26 AS
On 28th May 2020, CBDT has notified a new version of
Form 26AS by inserting a new Rule 114-I to the Income Tax Rules and now this Form 26AS become Annual
Information Statement (AIS)
and not merely stand as Tax Credit Statement.
2020-21 new form 26AS shall include the Following information:
* Details of Tax Deducted or Collected- TDS/TCS
* Details of Specified Transactions such as;
i. Cash deposits or cash withdrawals in one or more Current Accounts
of Rs. 50 Lac or more annually from
one or more current account
Deposit in One or more Saving Accounts of Rs. 10 Lakh or more annually
Deposit of Rs. 10 Lac or more annually
iv. Credit card bill payment in cash Rs. 1 Lakh or more or Rs. 10 Lakh
from any mode annually
v. Payment for acquiring shares (including share application money)
of Rs. 10 Lakh or more in a financial year
vi. Buy back of shares (other than the shares bought in the open
market) of Rs. 10 Lakh or more in a financial year
of Immovable Property for Rs. 30 Lakh or more·
* Details of Payment of Taxes (Advance Tax/Self-Assessment Tax)
* Details of Demands/Refunds
* Details of Pending Proceedings under Income Tax
* Details of Completed Proceedings under Income Tax
Now, the department has brought all this information under one roof. From the AY
2021-22, assesses would be able to know most of the information that is
required for the filing of Income Tax Returns more easily in a single
Benefits of New version of Form 26 AS :-
all the information/ details available at one place, it will also assist tax
authorities doing e-assessment and having no or limited interaction with
taxpayers, as tax authorities will be able to easily compare information
available in AIS vis-a-vis information reported by taxpayer in ITR and any
mismatch may be easily flagged by the systems to tax authorities.
will also assist the taxpayers to identify and take corrective action, in case
any incorrect information/detail is reported in AIS. The AIS has been made
more comprehensive pursuant to the announcements made earlier on several
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.
amendments like the inclusion of Details of Demand & Refund and Details of
Pending as well as Completed Proceedings are going to be useful for the
major implication of this amendment will be derived through the inclusion of
Specified Transactions. Till now all these specified information was available
in scattered manner and assessee has to do a tedious job of collecting all
these transaction detail as required for filing of Income Tax Return and then
File his return of income and in such scenario, there were many instances in
which some of the important information which needs to be disclosed in ITR,
left out from discloser and as a consequence Information with the Income Tax
Department and the information as contained in the ITR do not match and
Department used to send notices to the assessee.
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