Edited By Sujata Kushwaha | | Updated: 29 May 2020, 08:20:00 AM IST
- The CBDT on Thursday notified the revised Form 26AS.
- Now this form also includes information on transactions of property and shares.
- For its implementation, a new section 285BB was included in the Income Tax Act in the budget 2020-21.
- CBDT said that the revised 26AS form will be effective from June 1
Form 26AS, detailing TDS-TCS, will now come in a new form. Apart from TDS-TCS, changes in this form will also provide information about the trading of shares. It will be effective from 1 June. The first document that needs to be verified before filing ITR means income tax return is Form 26AS.
Form 26AS will be in the new form, what is included?
Central Board of Direct Taxes i.e. CBDT on Thursday notified the revised Form 26AS. These contain details of tax collection (TCS) or deduction (TDS) at source. Now in this form, information of property and shares transactions has also been included. With this, the Form 26AS has been given a facelift. It now includes details of certain financial transactions, payment of taxes, pending demand-refunds by a taxpayer in a financial year, or complete process, in addition to the details of TDS-TCS.
Form 26AS required at the time of ITR filing.
The details of all transactions have to be given in the income tax return. For its implementation, a new section 285BB was included in the Income Tax Act in the Budget 2020-21. The CBDT said the revised 26AS form would come into effect from June 1. This form is required at the time of ITR filing.
What is Form 26AS?
Form 26AS is an annual consolidated (integrated) tax statement, which you can get from your Permanent Account Number (PAN) from the Income Tax website. Whether you have paid tax on your income or TDS (tax deducted at source) has been deducted from your income, all these things are known in the Income Tax Department database. You can check Form 26AS to know all details. Apart from these, details related to Didor are also found in this form. For example, you will also get the name of the deductor and the tax deduction account number ie TAN. Not only this, Form 26AS not only contains the information related to tax payment, but also the details of the tax refund you have received in the relevant financial year.
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