Income Tax Return (ITR) Filing: How the new Form 26AS is different – The Indian Express

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The executive on Saturday introduced that ranging from this review yr, taxpayers throughout the nation will see an progressed Form 26AS which might raise some further main points in their monetary transactions as laid out in the Remark of Monetary Transactions (SFTs) in more than a few classes.
The new Form 26AS can have the monetary transactions of top price that had been undertaken throughout the earlier monetary yr which might facilitate voluntary compliance and simplicity of e-submitting of source of revenue tax returns (ITRs).
Previous this yr in Would possibly, the Central Board of Direct Taxes (CBDT) had notified some new regulations and a new Form 26AS as a way to supply a extra detailed remark about the transactions made by way of the taxpayers.
Form 26AS is an annual consolidated tax remark generated by way of the Income Tax Division. It might probably simply be accessed from the source of revenue-tax website online by way of all taxpayers the usage of their Everlasting Account Quantity (PAN).
A Form 26AS comprises the quantity of the tax deducted at supply (TDS) of the salaried magnificence and taxes paid throughout the monetary yr (in case of self-hired or businessmen).
Whilst submitting the ITR, taxpayers can discuss with their Form 26AS and tally it with their Form 16 (supplied by way of the employers/banks/mutual price range and so on.) for the quantity of taxes they paid to the treasury of the central executive.
In its press statement, the CBDT has defined that previous the Form 26AS used to simply supply the data relating to TDS and tax accrued at supply in terms of a PAN, but even so positive more information together with main points of different taxes paid, refunds and TDS defaults.
Alternatively, the new Form 26AS can have SFTs to assist the taxpayers recall all their main monetary transactions so that they’ve a able reckoner to allow them whilst submitting the ITR, the remark stated.
“The new Form 26AS is the faceless hand-preserving of the taxpayers to e-document their source of revenue tax returns briefly and as it should be,” the executive unencumber learn.
CBDT stated that the data gained by way of the Income Tax Division from the filers of specified SFTs will now be proven in Section E of Form 26AS to facilitate voluntary compliance, tax duty and simplicity of e-submitting of returns.
The executive division stated the main points supplied in the new Form 26AS will likely be helpful for the taxpayer to calculate the proper tax legal responsibility including that it could additionally herald additional transparency and duty in the tax management.
CBDT unencumber stated the Section E phase of the new Form 26AS will show different fields akin to form of transaction, identify of SFT filer (reporting company/establishment), date of transaction, whether or not or no longer its a unmarried or joint birthday party transaction, collection of events concerned, quantity of transaction, mode of fee and remarks.
The CBDT has knowledgeable that since Monetary 12 months 2016 (FY 2015-16), the Income Tax Division has been tracking data of top-price transactions like money deposit/withdrawal from saving financial institution accounts, sale/acquire of immovable belongings, time deposits, bank card bills, acquire of stocks and debentures, foreign currencies, mutual price range, buyback of stocks, money fee for items and products and services.
“Now, all such data below different SFTs will likely be proven in the new Form 26AS,” it stated.
In step with the tax frame, this might assist the truthful taxpayers with up to date monetary transactions whilst submitting their returns, while it’ll desist the ones taxpayers who inadvertently hide monetary transactions of their returns.
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