New Delhi, Rajiv Kumar. It will no longer be easy for taxpayers to hide their purchases from the Income Tax Department. The Income Tax Department has implemented a new version of Form 26-AS this year. This form will contain information on all types of transactions, investments and buying and selling of more than Rs 50,000 on behalf of taxpayers. The complete details of the amount deposited in the bank and the amount invested in the stock market will be in this form. Any type of financial dispute will also have to be given in this form. Form 26-AS will be updated every three months based on the information received. This form will also contain the taxpayer’s mobile number, Aadhaar number and email ID.
According to tax experts, currently, Form 26-AS contains information about taxpayers’ self assessment of TDS, TCS and tax. All taxpayers have a Form 26-AS, based on which information about tax refund or tax liability is available. Tax expert and Chartered Accountant Raj Chawla said that according to the notification of the new 26-AS form, senior income tax officer has been given the authority to open this form of taxpayers. If there is any outstanding tax on goods and services tax or any other type of tax dispute is going on, then the information will be filled in the taxpayer’s Form 26-AS. This form will also include information such as turnover of taxpayers business.
If there is an exporter or importer among the taxpayers, the form will tell you what item it imports or exports and how much its business is. Thus, says Chawla, Form 26-AS will serve as the financial horoscope of taxpayers. Because the income tax department will get this information due to the link of PAN card in every major purchase-sale and transaction. Banks and financial institutions can use Form 26-AS in the coming times for lending. With this form, the bank or financial institution will know what the record of taxpayers is.
Information about the amount deposited during demonetisation will also be included
According to tax experts, in the new Form 26-AS, the amount deposited in the bank during demonetisation will also be given. If a taxpayer deposited more than Rs 2.5 lakh cash in any account other than current account between November 9, 2016 to December 30, 2016, this information will be given in a new form. Similarly, details of depositing more than 12.5 lakh cash in current account during this period will have to be given.
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