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New Form 26 AS gives more powers to IT Department

 

Form 26 AS

The new form 26AS has come into effect from 1st June 2020 by insertion of new section285BB in the Finance Act, 2020.

The new form 26AS provides the assesse with the personal details of mobile number, email id and date of birth. The earlier form had only the details of PAN, Name and address.

Below is the new set of information available in the 26AS

  1. INFORMATION RELATED TO TAX COLLECTED OR DEDUCTED AT SOURCE:

If the assesse has sold any immovable property and the immovable property is other than an agricultural land and the consideration for transfer the property exceeds Rs.50 lakh, TDS deducted by the purchaser will be reflected under this head under section 194IA

If the assesse receives rent from his tenant, the tenant being an Individual or a HUF and the rent amount exceeds Rs.50, 000/- per month and if the tenant deducts TDS the same will also be reflected under this head under section 194IB

The assesse has rendered any contractual services , professional or technical service or receives any commission or brokerage from an Individual or a HUF and the value of the service exceeds Rs.50 lakh TDS deducted by the Individual or HUF will be reflected in 26AS under this head under section 194M

  1. INFORMATION RELATING TO SPECIFIED FINANCIAL TRANSACTIONS – DETAILS OF SFT TRANSACTIONS:

If the assesse carries on Specified Financial Transactions such as:

  • Transactions of sale or purchase of property.
  • Transactions of rendering service.
  • Transactions under works contract.
  • Transactions of any investment made or expenditure incurred.
  • Transactions of accepting or taking any loan or deposit
  1. INFORMATION RELATING TO DEMAND AND REFUND OF INCOME TAX
  1. INFORMATION RELATING TO PENDING ABD COMPLETED INCOME TAX PROCEEDINGS:

The tax department will begin an e-campaign for voluntary compliance for non-filers, giving a chance to comply to avoid going through the process of scrutiny and notices. The campaign is part of the tax department’s move towards a more comprehensive compliance process, where a new Form 26AS will have greater disclosures on high-value transactions. Since the details of high-value transactions will now be reflected to the taxpayers in the new form, as against the tax department earlier receiving information from financial institutions and then acting upon it, there would be now a greater onus on taxpayers to comply in a voluntary manner.

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