Form 26AS Update: The list of High Value Financial Transaction has been expanded by the Income Tax Department. Details of money received from abroad for investment in mutual funds will be included in Form26AS.
Income Tax Department Update: The list of High Value Financial Transaction has been expanded by the Income Tax Department. This list will be available to the taxpayers in their Form 26AS. In which mutual fund purchases, money received from abroad, information given in Income Tax Return of Taxpayers are included. Form 26AS can be obtained from the Income Tax website by taxpayers using their PAN. The Central Board of Direct Taxes (CBDT) has issued an order expanding the scope of information reported in the new Form 26AS under Section 285BB of the Income Tax Act.
Financial transactions of taxpayers will be monitored
Additional information to be given in Form 26AS includes money imported by any person from abroad through an authorized dealer, break-up of salary with tax deduction taken by the employee, information in ITR of other taxpayers, interest on income tax refund, details of financial transactions Contains information such as description. In addition, information regarding off-market transactions reported by the depository or registrar and transfer agent, information regarding dividends of mutual funds reported by RTA and purchase of mutual funds reported by RTA are also included in Form 26AS. Will go
The CBDT has authorized the Director General of Income-tax (Systems) to upload the information, in the Annual Information Statement in Form 26AS, to the registered electronic filing account within three months. In the budget of the year 2020-21, a new section 285 BB was added in the IT Act. According to this, in order to convert Form 26AS into an ‘Annual Information Statement’, it will include comprehensive information on financial transactions, payment of taxes, demand, apart from TDS and TCS details.
In May last year, the amended Form 26AS was notified by the Income Tax Department. This included information on high-value financial transactions carried out during a financial year. This was a move that has made e-filing of I-T returns much easier.
All Financial Transactions will be visible in Form 26AS
This new reporting in Form 26AS will help the taxpayers as well as the tax authorities to assess the profile of the taxpayers and the information will be shared in a better way between the taxpayers and the tax officers. Amending Form 26AS, the CBDT last year had said that the Income Tax Department has to provide cash deposits or withdrawals from savings bank accounts, purchases and sales of immovable property, credit card payments, purchase of shares, debentures, foreign exchange, mutual funds. As information was received. Now, all the details of financial transactions will be shown in the new Form 26AS.
