New 26AS form for details of tax procedures, request next to the others
Now your Form 26AS will not only contain information on the total income tax paid or refund received, but also on pending and completed proceedings under the Income Tax Act. The Central Commission for Direct Taxes (CBDT) has notified the new version of the forms.
The new form will come into effect on June 1, 2020.
Form 26AS is an annual consolidated tax credit statement. It helps the taxpayer to ensure that the tax deducted and the withholding tax paid during the year correspond to the tax deposited according to the records of the tax service.
From now on, it is possible to directly import the information from form 26AS, when filing income tax returns. This form is directly accessible through the net banking service or through the Income Tax Department e-filing website (https: // Incometaxindiaefiling.gov.in).
In her 2020-2021 Budget Speech, Finance Minister Nirmala Sitharaman proposed to streamline the provision for downloading Form 26AS to include all prescribed information. As a result, a new form has been notified. The new form will contain information relating to tax withheld or levied at source, a specified financial transaction, payment of taxes, claim and refund, pending proceedings, and information about completed proceedings. Information relating to the application of the PAN or PAN-Aadhaar link will also be made available.
According to the notification of the CBDT dated May 28, all this information to be uploaded by the Principal Director General of Income Taxes (Systems) or the Director General of Income Taxes (Systems) or any person authorized by him in a period of three months from the end of the month in which the information is received.
The notification omitted rule 31AB from the 1962 income tax rules which speaks of annual declaration of tax deducted or collected or paid while adding an additional section after rule 114H (deals with the due diligence requirement .
Rakesh Nangia, President of Nangia Andersen Consulting, said his new avatar’s Form 26AS will help both taxpayers and tax authorities assess a taxpayer’s profile and improve the flow of information between the taxpayer and the authorities. fiscal.
With all the information / details available in one place, it will also help tax authorities to perform electronic assessment and have no interaction / limitation with taxpayers as tax authorities can easily compare the information available in the 26AS form. with respect to information. reported by the taxpayer in the RTI and any discrepancies can be easily reported by the systems to the tax authorities.
“It will also help taxpayers to identify and take corrective action, in the event that incorrect information / details are reported in the 26AS form,” he said.