The Source of revenue Tax Division on Thursday notified the revised Shape 26AS, containing main points of tax accumulated or deducted at supply which can now come with knowledge touching on assets and percentage transactions.
With this, Shape 26AS has now been made over to an ‘Annual Knowledge Commentary’ which aside from the TDS/ TCS main points, shall now include complete knowledge bearing on specified monetary transactions, cost of taxes, call for/ refund and pending/finished lawsuits undertaken by way of a taxpayer in a specific monetary 12 months that must be discussed within the revenue tax returns.
To put into effect this, the Finances 2020-21 had presented a brand new Phase 285BB within the Source of revenue Tax Act.
The made over Shape 26AS will now come into impact from June 1, the Central Board of Direct Taxes (CBDT) stated.
Shape 26AS is an annual consolidated tax remark that may be accessed from the income-tax web page by way of taxpayers the usage of their Everlasting Account Quantity (PAN).
Nangia Andersen Consulting Chairman Rakesh Nangia stated the Shape 26AS in its new avatar seeks to offer a lot more complete knowledge relating to taxes paid by way of a taxpayer, main points of pending in addition to finished revenue tax lawsuits, standing of revenue tax call for and refund along side main points of specified monetary transactions undertaken by way of taxpayer all the way through a specific monetary 12 months corresponding to percentage acquire and assets acquire in one shape/ remark.
“With all of the knowledge/ main points to be had at one position, it’s going to additionally lend a hand tax government doing e-assessment and having no/ restricted interplay with taxpayers, as tax government will be capable of simply examine knowledge to be had in Shape 26AS vis-a-vis knowledge reported by way of taxpayer in ITR and any mismatch could also be simply flagged by way of the methods to tax government,” Nangia stated.
It is going to additionally lend a hand the taxpayers to spot and take corrective motion, in case any wrong knowledge/ element is reported in Shape 26AS, he added.
Amit Maheshwari, Spouse, AKM International, stated, “The Shape 26AS has been made extra complete pursuant to the bulletins made previous on a number of events. It might additionally come with details about monetary transactions performed by way of the taxpayer and would additional ease the tax submitting procedure as a lot of the ideas can be extracted from this best.