Introduction to the new form 26AS
The income tax department has made it compulsory to upload your annual information statement in the new form 26AS. Further, this form must contain all the details of the tax credit in the account of taxpayers. Thus, it is compulsory to furnish the traces form 26AS as per the rule 114I.
As the Income-tax department introduces the new form 26AS, you should forget about the old form to furnish your annual information. One of the biggest parts of this new form is it has fewer details to furnish than the older one. Now that you know the significance of the new form 26AS, you should file your annual statement in the new form. And if you are new to form 26AS, here are a few details that you should know about.
Latest updates in the Form 26AS
GST Turnover now in Form 26AS
As per the new rule of Form 26AS, GST turnover details will be shown in Form 26AS to determine the actual turnover for Income Tax purposes.
As per the newest orders of CBDT, the principal director general of Income-tax uploads the GST return data in Form 26AS, the principal director-general, or the director-general also requires to furnish the standards uploading the annual information statement in the Form 26AS.
Crucial pointers in the Form 26AS that you must not miss
1- You have to provide details that pertain to tax deducted at source both the collection and the income wherever applicable.
2- It contains all the details about relevant financial transactions from any individual, mutual funds, banks, bonds, etc.
3- The form also includes details about the income tax payment. This includes all the advance tax payments and self-assessment tax paid by you.
4- Data about the tax requirements and refunds of the IT sector
5- It will also contain information about completed and unfinished tax measures.
Modification in filing the form 26AS for all the taxpayers
The central board of direct taxes has made some modifications in the filing of form 26AS.
And from this year, the SFTs will help all the taxpayers and assesses to recall their financial transactions to file the Income-tax return.
So, from now on, all transactions like withdrawal or cash deposit in your saving bank accounts would be recorded in new form 26AS. Further, some other details would also be included, like debentures, purchase of shares, credit card payments, foreign currency, sale and purchase of immovable properties, fixed deposits, mutual funds, buybacks, etc. As the new form of 26AS will include all these details, so it will offer more transparency in the financial condition of a taxpayer.
Additional communication details required in the form
Form 26AS requires some specific data such as name, address, and PAN details. But in thenew form, you will have to furnish some new details. It includes the date of birth of the taxpayer, registered email address, mobile number, and contact details of the taxpayer. This new amendment in form 26AS has been introduced to keep all taxpayers aware of all the updates and open up the option for communication. And this amendment will also help taxpayers to update their details when required.
Details about taxes and proceedings
The older form for 26AS includes details of taxes that are collected and deducted from you. The new form will also have all those details like advance tax or self-assessment tax payment. But this new form will also help you know if your employers/banks./payers have deposited the tax collected from you to the government. And if you find any such mistakes or errors, you can take adequate actions against such bodies. So, this is more helpful to you as compared to the older form of 26AS.
Further, with the help of the new form for 26AS, you can access the demands of the IT department that are outstanding. The income tax department will present you with all the details of any such demands in the new form 26AS. This, as a result, will help all the taxpayers to examine whether those demands are outstanding or are any kind of dispute. If you find any kind of disputes, you can demand rectification of such mistakes. Further, you can also apply for the delay if the due time is already over.
After the demand due, you can see the new form featuring all the details like pending income tax as per the revised updates. It will also include the proceedings that have already been completed during the financial year. The income tax department has added all this information only to keep you aware of the income tax that is pending.
Financial transaction details
In recent times, organizations like mutual funds, banks, companies, registrar, stock exchanges, etc. require financial transaction details above specified limits. These transaction details will be provided to the income tax department annually. But if you are well informed about the compliances, you must know that all these data are already available with the income tax department. The department access all this information through Form 26AS. All these details include the amount paid for demand draft, order and details, cash deposits, cash withdrawal, and many more.
All these details are necessary only when you make transactions over INR 10 lakh in a financial year. However, the limit for the current account is INR 50 lakh. The organizations like banks, mutual funds, companies also report some other information to the income tax department. It includes all the debentures, purchase of shares, foreign exchange, bonds, and many more.
These entities also report the purchase/sale of immovable property to the income tax department. If the sale/purchase of an immovable property exceeds INR thirty lakh, then the information will be provided to the income tax department. And you can view the same in your nee form 26AS.
The new form of 26AS also has some additional features. Any inappropriate fillings from your side would be highlighted in the new form 26AS. And similarly, if youfind any dispute, you can also report and remove the same. So, this new form makes everything a bit easier for the taxpayers.
Nature of information in the new form 26AS
1- Information about TDS/TCS
2- Data about a certain financial transaction
3- Data about all the tax payments
4- Information about the demand and refund
5- Information about all the proceedings that are pending
6- Details about all the completed proceedings
The differences between genuine TDS and TDS available in the Form 26AS
If there is any dispute in the simple TDS and the TDS that is stated in Form 26AS, then the taxpayers cannot claim for the actual amount. However, the dispute may have occurred due to the following reason.
1- Non-compliance of data to the department
2- Inappropriate account number
3- Wrong filing of TDS return
4- If the assessment year is incorrect
5- Late TDS deposition
6- Remote omission
7- Mismatch in quoted and actual TDS
Steps to download form 26AS via e-filling portal
You can easily download your Form 26AS by following the steps below.
1- Log in to the official portal of the income tax department.
2- Click on my account and click on view 26AS tax credit link.
3- Read the disclaimer, check the box if you agree.
4- You will be re-directed to the TDS-CPC portal.
5- Click on agree for acceptance of usage and proceed.
6- Click on the option view tax credit form 26AS.
7- Select the view type and assessment year
8- Click on download
In conclusion, this is all about the new form 26AS. For more updates on form 26AS, stay tuned.