CBDT expands Form 26AS info list; includes foreign remittances, MF buys

Asia's Tech News Daily

CBDT expands Form 26AS info list; includes foreign remittances, MF buys
© Provided by Zee Business

The income tax department has expanded the list of high-value financial transactions which would be available to taxpayers in their form 26AS by including details of mutual fund (MF) purchases, foreign remittances, as well as information in ITRs of other taxpayers.

See Zee Business Live TV Streaming Below:

Form 26AS is an annual consolidated tax statement that can be accessed from the income-tax website by taxpayers using their Permanent Account Number (PAN).

The Central Board of Direct Taxes (CBDT) on October 26 issued an order under Section 285BB of the I-T Act expanding the scope of information reported in new Form 26AS.

Additional information prescribed includes foreign remittance made by any person through an authorised dealer, breakup of the salary with deductions claimed by the employee, information in ITR of other taxpayers, interest on Income Tax Refund, information published in Statement of Financial Transactions.

Also, off market transactions reported by depository/ registrar and transfer agent, information about dividend of mutual fund reported by RTA, and information about purchase of mutual fund reported by RTA too would be included in Form 26AS.

The CBDT authorized “Director General of Income-tax (Systems) to upload information…In her/his possession, in the Annual Information Statement in Form 26AS in the electronic filing account registered by the assessee in designated portal, within three months from the end of the month in which the information is received by her/him.”

The Budget 2020-21 had introduced a new Section 285BB in the I-T Act, to revamp Form 26AS to an ‘Annual Information Statement’ which apart from TDS/ TCS details, would contain comprehensive information of specified financial transactions, payment of taxes, demand/ refund and pending/completed proceedings undertaken by a taxpayer in a particular financial year that has to be mentioned in income tax returns.

Following that, in May last year, the Income Tax Department had notified the revised Form 26AS, including information on high-value financial transactions undertaken during a financial year, a move which also facilitated voluntary compliance and ease of e-filing of I-T returns.

With this October 26 order, the list of details to be available in Form 26AS has been expanded further.

AMRG & Associates (Director  Direct & International Tax) Om Rajpurohit said the additional information to be loaded on the Annual Information Statement in Form 26AS would promote ease of faceless digital assessments.

“Even though additional tax contributions from taxpayer’s would be insignificant, cumulative effect would be noteworthy. This change will push all the taxpayers towards a precise and accurate self-declaration of income earned,” Rajpurohit added.

Nangia & Co LLP Partner Shailesh Kumar said the new Form 26AS will now have details about foreign remittances made by taxpayer, as reported by Authorized Dealer in Form 15CC, more comprehensive details about allowances, deductions claimed by taxpayers in respect of their salary income as reported to the employer.

“This new reporting in Form 26AS will help both taxpayers as well as tax authorities in assessing a taxpayer’s profile and bring better flow of information between taxpayer and the tax authorities.

“With all the information/ details available at one place, it will also assist tax authorities doing e-assessment and having no/ limited interaction with taxpayers, as tax authorities will be able to easily compare information available in Form 26AS vis-a-vis information reported by taxpayer in ITR and any mismatch may be easily flagged by the systems to tax authoritiess,” Kumar added.

It will also assist the taxpayers to identify and take corrective action, in case any incorrect information/ detail is reported in Form 26AS, he added.

While revamping Form 26AS, CBDT had last year said the I-T department used to receive information like cash deposit/withdrawal from saving bank accounts, sale/purchase of immovable property, credit card payments, purchase of shares, debentures, foreign currency, mutual funds, cash payment for goods and services since FY2016 onwards.

Now, all such information under different statement of financial transactions (SFTs) will be shown in the new Form 26AS.

The information being received by the department from the filers of these specified SFTs is now being shown in Part E of Form 26AS to facilitate voluntary compliance, tax accountability and ease of e-filing of returns so that the same can be used by the taxpayer to file her or his income tax return by calculating the correct tax liability in a feel-good environment.

Part E of the form also shows different fields such as type of transaction, name of SFT filer, date of transaction, single/joint party transaction, number of parties, amount, mode of payment and remarks etc.

AKM Global, Director-Tax and Regulatory, Sandeep Sehgal said over the last few years, Form 26AS has been getting more comprehensive in terms of the information available for a taxpayer about the taxes withheld and other financial information. As per the latest order, additional details would be collated from various sources and would be available.

“The idea seems to make this a go-to-document for the taxpayers to have almost everything at one place from basic tax deductions to other important details so that the compliance requirements can be met in a hassle-free manner, Sehgal added.

 

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

The Hockey News Podcast: Big Changes in Vancouver and Philly

Can the Canucks and Flyers right their ships under new leadership? Will other players pull out of the Olympics like Robin Lehner did? And more. © Provided by Hockey News ... Read more »

17 Shampoos That'll Protect Your Dyed Hair

There’s no sugarcoating it: getting your hair colour done in a salon can be expensive. Whether you’ve opted for a hot pink hue, warm chestnut tones, or bleach blonde locks, ... Read more »

Ryder Cup-winning golfer grabbed a woman's breast and urinated on another passenger's seat during a flight, court hears

© Getty/Andrew Redington Ryder Cup-winning golfer grabbed a woman’s breast and urinated on another passenger’s seat during a flight, court hears A Ryder Cup-winning golfer has appeared in court charged ... Read more »

Dillian Whyte's world title fight against Tyson Fury can be finalised after WBC orders talks for mandatory bout

The WBC has ordered Tyson Fury and Dillian Whyte to start negotiations for a mandatory WBC heavyweight title fight which would mean that Oleksandr Usyk presses ahead with a rematch against Anthony Joshua Read more »

Sisonke COVID vaccine trial: Not enough health workers getting booster shots

© Provided by Eyewitness News FILE: Nomvelo Radebe (22) from Soweto received her COVID-19 vaccine jab at Bara Taxi Rank. CAPE TOWN – The response from healthcare workers to a ... Read more »

Still figuring my way out in this glamour world: Rohit Saraf

© Provided by Hindustan Times Rohit Saraf looks forward to celebrating his birthday with his family in Delhi (Photo: Raajessh Kashyap/HT) Five years, ago, Rohit Saraf made his film debut ... Read more »

"Someone who we explore" - Ex drops exciting WHU transfer update, fans surely buzzing - opinion

© Provided by Football FanCast Nottingham Forest defender Joe Worrall West Ham United are set to explore the possibility of signing Nottingham Forest defender Joe Worrall as manager David Moyes ... Read more »

Billionaire ex-Walmart exec Marc Lore is now the CEO of a food delivery startup that will cook gourmet meals outside your door

© Craig Barritt/Getty Images for Fast Company Craig Barritt/Getty Images for Fast Company Billionaire ex-Walmart exec Marc Lore is taking the helm of a food delivery company called Wonder. Wonder ... Read more »

Shocking video shows moment 4 men are shot on Harlem street

New video captures the moment a gunman opened fire on a Harlem street early this month — wounding four other men as they scrambled to get away. The footage, released ... Read more »

Bride forced to buy a SECOND wedding dress TWO weeks before her ceremony – the reason why will drive you insane

A BRIDE revealed she had to spend another thousand bucks at her wedding when she was forced to buy a second dress. Her alterations had gone so wrong that she ... Read more »

Nick Cannon's five month old son Zen dies after brain tumour battle

Nick Cannon has announced the heartbreaking news that his son Zen has died at five months old. TV star Nick, 41, shared the sad news on his talk show The ... Read more »

Towie's Mick Norcross's spectacular £4m mansion up for sale 11 months after his tragic death

TRAGIC Towie star Mick Norcross’ luxury mansion is up for sale for £4million. The 57-year-old was found dead by his heartbroken son, Kirk, 33, in the basement of his home ... Read more »

I'm 21 and am dating a 31-year-old man – he made me his side chick without me knowing it but it gets worse

A COLLEGE student found herself in a rather complicated situation when she discovered that her boyfriend of four years had been lying to her the entire time. He was living ... Read more »

Sikkim government proposes to create two more districts

The Sikkim government on Tuesday tabled a bill in the assembly, proposing to carve out two more districts in the state. Land Revenue and Disaster Management Minister Kunga Nima Lepcha ... Read more »

Passengers forced to push plane down runway after tire ruptures

Deflated but not defeated. In a technique seemingly reserved for automobiles, Nepal airline passengers were forced to push their airplane after a popped tire stranded it on the tarmac. A ... Read more »

Under is the pick in Saints-Jets Week 14 matchup

VSiN’s NFL expert takes a look at three Week 14 games that might be worth betting early. Saints (-6, 43.5) at Jets: Taysom Hill was 19 of 41 with four ... Read more »

Alok Sharma: UK must push forward on climate action like other countries

The UK needs to push forward on delivering its climate goals just as it is asking other countries to do, Cop26 President Alok Sharma has said. The UN climate summit ... Read more »

Ince claims Ronaldo would be ‘knackered' if he pressed constantly

© PA Images Ex-Man-United-man-Paul-Ince Paul Ince believes Manchester United attacker Cristiano Ronaldo would be “knackered” if Ralf Rangnick asked him to press constantly. Ronaldo’s ability to press opponents has been ... Read more »

Inside Mossad's plot to cripple Iran's nuclear programme from bombs hidden in scientists' takeaways to hi-tech drones

ISRAEL hit Iran's nuclear sites with three major attacks involving drones and smuggled bombs as Mossad continues its plot to cripple Tehran's nuke ambitions. Thousands of spy unit personnel have ... Read more »

Activision Blizzard Employees to Join Raven Software QA Walkouts

Raven Software’s QA team are striking for the second day in a row. Now, workers across Activision Blizzard’s various studios are also walking out in solidarity. As reported by Shannon ... Read more »

France registers surge in COVID-19 hospitalisations

FILE PHOTO: A COVID-19 patient connected to a ventilator tube in the Intensive Care Unit (ICU) at the Centre Cardiologique du Nord private hospital in Saint-Denis, near Paris, amid the ... Read more »

Devin Nunes mocked by a parody cow he tried to sue as he quits Congress to run Trump's app

© (L-R) Getty Images, Shutterstock FotoJet (24).jpg Congressman Devin Nunes (R-Calif.), who was a former dairy farmer, has quit his job to become former President Donald Trump’s tech start CEO ... Read more »

Black family to sue American Airlines after being kicked off plane in Charlotte, N.C.

Allan Ali and his newborn-holding partner, Kamia Hoilett, had a negative interaction with a flight attendant Sunday on Philly-bound plane. A Black family traveling with a newborn baby was kicked ... Read more »

All items in the eSports All Regions Set in Rainbow Six Siege

© Provided by GamePur The eSports All Regions Set is a cosmetic bundle in Rainbow Six Siege that was released by Ubisoft to coincide with Six Invitation in late 2021. ... Read more »

Barcelona's plan for Frenkie de Jong 'leaked' amid Man Utd transfer interest

Times have changed when it comes to Barcelona and their standing in the transfer market. No longer the top of the food chain, due to years of financial mismanagement the ... Read more »

Three people including a cadre of Dimasa National Liberation Army killed in Assam

Three people including a cadre of militant out Dimasa National Liberation Army (DNLA) were killed in designated camp in Assam’s Dima Hasao district. A senior police officer, who do not ... Read more »

Best Christmas jumpers for babies this season

© Provided by Hello! Baby-christmas-jumpers Christmas Jumper day, which aims to raise money for Save the Children charity, falls on 10 December, but some can’t help but whip out their ... Read more »

Burger King's Breakfast Hours Will Make You A Morning Person

Sometimes you just don’t have the time or energy to make yourself some breakfast. We’ve all been there! Big brunches or make ahead breakfast casseroles are great but for the ... Read more »

Amazon launches Echo devices with localised Alexa in UAE

© Elijah Nouvelage Echo devices launched in the UAE include the fourth-generation Echo, Echo Dots and Echo Shows 5, 8 and 10. Reuters Amazon, the world’s largest online marketplace, on ... Read more »

Rachel Bush has sweet moment with Jordan Poyer after Bills loss

Monday night did not go the Bills’ way, but Jordan Poyer was still feeling the love from his favorite fan. Bills safety appears in wife Rachel Bush’s Instagram story following ... Read more »

Brainy model brags: ‘I'm dissolving $20K in fillers to be a natural beauty'

Model Candice Kloss says she is having $20,000 worth of filler dissolved in order to revert to a more natural look. She is seen at left before she began experimenting ... Read more »

How UK Omicron cases compare to rest of world as infections predicted to exceed red list nations

Cases of the Omicron variant in the UK are soon expected to be higher than in some African countries placed on the travel red list, a scientist has warned. © ... Read more »

Who are the Reclaim Party and what do they stand for?

Laurence Fox (Getty) A Conservative councillor for North Shropshire who was only elected in May has defected to former actor Laurence Fox’s right-wing Reclaim Party, an embarrassment for the Tories ... Read more »

Ex-Libor trader Tom Hayes's attempt to appeal conviction "provisionally" blocked - lawyer

Tom Hayes poses for a picture, in Arundel LONDON (Reuters) – The conviction and sentencing of former trader Tom Hayes, the first man jailed over Libor rigging, will not be ... Read more »

PK des Bundes verpasst? Das sind die 5 wichtigsten Punkte

© ANTHONY ANEX/keystone-sda.ch Raynald Droz, Brigadier, Stabschef Kommando Operationen, VBS, links, spricht an der Seite von Andreas Stettbacher, Delegierter des Bundesrates fuer den Koordinierten Sanitaetsdienst KSD, Rudolf Hauri, Kantonsarzt Zug, ... Read more »

'West Side Story': Steven Spielberg on Creating a Role for Rita Moreno (Exclusive)

When Steven Spielberg announced his plans to mount a new film adaptation of West Side Story, one thing everyone knew he would need is an amazing cast. A Romeo and Juliet ... Read more »

BP buys EV charging provider AMPLY in green energy push

A British Petroleum sign is seen at a petrol station in south London (Reuters) – Oil and gas major BP Plc said on Tuesday it had bought U.S. electric vehicle ... Read more »

3 Whitman-Hanson high school students to be charged after social media threats

Three Whitman-Hanson High School students will face charges in Juvenile Court after making threats on social media, authorities said. The impending charges result from a social media post that showed ... Read more »

Kellogg to permanently replace striking workers as union rejects new contract

© Reuters/EMILY ELCONIN FILE PHOTO: Union workers remain on strike in Battle Creek By Praveen Paramasivam (Reuters) -Kellogg Co said on Tuesday a majority of its U.S. cereal plant workers ... Read more »

Discord begins testing premium subscriptions in creator economy push

By Sheila Dang © Reuters/DADO RUVIC Discord app logo is seen displayed in this illustration taken photo (Reuters) – Chat platform Discord will launch a pilot test to let content ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic