Last Updated On:
July 22, 2020, 3:54 p.m.
CHANGES MADE IN THE FORM 26AS
The new form 26AS is a faceless hand-holding of taxpayers to e-file their income tax returns quickly and correctly. From this assessment year 2019-20, the taxpayers will see an improved Form 26AS which would carry some additional details on taxpayers' financial transactions as specified in the Statement of Financial Transactions.
On 18th July, the Central Board of Direct Tax (CBDT) issued a press release on New form 26AS. Now, New form 26AS is not only for TDS, TCS, or other taxes paid but it will also show high-value transactions of Taxpayers.
It is stated that the information being received by the Income Tax Department from the filers of these Statement of Financial Transactions is now being shown in section E of form 26AS to facilitate voluntary compliance, Tax accountability, and ease of filing returns.
This form 26AS will also provide information received by the Tax Department from any other country under the treaty /exchange of information about income or assets of the taxpayer located outside
New Format of Form 26AS:
The New format will show your Adhaar Number, Date of Birth, Mobile number, email id, and address.
TYPE OF TRANSACTIONS TO BE REPORTED IN FORM 26AS:
- Purchase of bank drafts/pay order’s/banker’s cheque of an aggregate amount of Rs.10 lakh or more in the financial year.
- Purchase of pre-paid instruments issued by RBI of an aggregate amount of Rs. 10 lakh or more in the financial year.
- Cash deposits/withdrawals from one or more current accounts of a person having an aggregate amount of Rs. 50 lakh or more in the financial year.
- Cash deposits aggregating to Rs.10 lakhs or more in the financial year, in one or more accounts other than a current account and time deposit.
- One or more time deposits (other than the one made through renewal of another time of deposit) of a person aggregating to Rs. 10 lakh or more in a financial year of a person.
- Payments made by any person of an amount aggregating to
- Rs. 1 lakh or more in cash; or
- Rs. 10 lakh or more by any other mode, against bills raised in respect of one or more credit cards issued to that person, in a financial year
- Purchase of bonds/debentures of an amount aggregating to Rs. 10 lakh or more in the financial year.
- Purchase of shares including share application money issued by the company of an amount aggregating to Rs. 10 lakh or more in the financial year.
- Buyback of shares for an amount aggregating to Rs.10 lakh or more in a financial year
- Purchasing of Mutual Fund of an amount aggregating to Rs.10 lakh or more in a financial year
- Purchasing of Foreign Currency of an amount aggregating to Rs.10 lakh or more during a financial year
- Purchase or sale by any person of immovable property for an amount of Rs. 30 lakh or more
- Receipt of cash payment exceeding Rs. 2 lakh for sale (other than those specified above)