Form 26AS to now include foreign remittance, off-market transaction details

The earnings tax division on Wednesday notified a bunch of recent tax-related data to be included in Type 26AS. 

The next eight new inclusions will probably be included within the annual data assertion, extra generally often known as Type 26AS:

a) Overseas remittance data as reported in Type 15CC

b) Particulars on TDS on wage contained in Annexure II of the Type 24Q TDS Assertion of the final quarter

c) Data in ITR of different taxpayer

d) Curiosity earned on earnings tax refund issued for the earlier monetary yr

e) Data in Type 61/61A the place PAN may very well be populated, which implies if a taxpayer will get PAN after submission of Type 61, it needs to be populated within the Type 26AS

f) Off Market Transactions, which refers to trades not settled by the clearing company of an trade, reported by Depository/ Registrar and Switch Agent (RTA)

g) Details about dividend of mutual fund reported by RTA

h) Details about buy of mutual fund reported by RTA

Introduction of those new inclusions are in keeping with the finance minister’s announcement in Finances 2020 for a extra complete Type 26AS. This transfer is aimed toward rising the scope of the annual data assertion that may ease earnings tax return (ITR) submitting for taxpayers and likewise assist plug tax leaks.

“This new reporting in Type 26AS will assist each taxpayers in addition to tax authorities in assessing a taxpayer’s profile and produce higher move of data between taxpayer and the tax authorities,” mentioned Shailesh Kumar, Associate, Nangia & Co LLP.

Type 26AS of a taxpayer consists of data on tax deducted at supply (TDS) on her incomes, advance tax, if any, paid by her, tax refund acquired in a monetary yr, high-value transactions, amongst different issues.

It comes useful on the time of submitting ITR as one can import the small print in it to auto-populate the ITR type. Type 26AS could be seen and downloaded on both the TRACES web site or by web banking facility of banks.

“With all the knowledge accessible at one place, it’ll help tax authorities throughout e-assessment and likewise restrict interplay with taxpayers because the authorities will have the ability to evaluate data accessible in Type 26AS vis-a-vis data reported by a taxpayer in his ITR,” mentioned Kumar.

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