New Delhi: Last 12 months, the Income Tax Department introduced a brand new Form 26AS that may have extra particulars of taxpayers’ high-value monetary transactions undertaken throughout a monetary 12 months and would facilitate voluntary compliance and ease of e-filing of I-T returns.
Form 26AS is an annual consolidated tax assertion that may be accessed from the income-tax web site by taxpayers utilizing their Permanent Account Number (PAN). The earlier Form 26AS used to present data concerning tax deducted at supply and tax collected at supply referring to a PAN, apart from sure extra data together with particulars of different taxes paid, refunds and TDS defaults.
The data being obtained by the Income Tax Department from the filers of those specified SFTs is now being proven in Part E of Form 26AS to facilitate voluntary compliance, tax accountability and ease of e-filing of returns in order that the identical can be utilized by the taxpayer to file her or his earnings tax return (ITR) by calculating the right tax legal responsibility in a feel-good setting.
This would additionally herald additional transparency and accountability within the tax administration.
The earlier Form 26AS used to present data concerning tax deducted at supply and tax collected at supply referring to a PAN, apart from sure extra data together with particulars of different taxes paid, refunds and TDS defaults. But now, it will have SFTs to assist the taxpayers recall all their main monetary transactions in order that they’ve a prepared reckoner to allow them while filing the ITR.
The Form 26AS for any taxpayer, from now onwards, will show partly E of the Form, completely different fields reminiscent of sort of transaction, identify of SFT filer, date of transaction, single/joint celebration transaction, variety of events, quantity, mode of fee and remarks and so forth.
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Furthermore, this is able to assist the trustworthy taxpayers with up to date monetary transactions while filing their returns, whereas it will desist these taxpayers who inadvertently conceal monetary transactions of their returns. The new Form 26AS would even have information of transactions which used to be obtained as much as Financial Year 2015-16 within the Annual Information Returns (AIR).
