ITR Filing FY 2019-20: Know what is Form 26AS and how it will benefit you
New Delhi: Tax payers can be submitting the Income Tax Return (ITR) for the FY 2019-20 (AY 2020-21). This 12 months Central Board of Direct Taxes (CBDT) has introduced within the new Form 26AS for tax payers. CBDT says that that is the faceless hand-holding of the taxpayers to e-file their earnings tax returns rapidly and appropriately.
Here is all that you must know in regards to the is Form 26AS and the way it will profit you
From this Assessment Year, taxpayers will see an improved Form 26AS which might carry some further particulars on taxpayers’ monetary transactions as specified within the Statement of Financial Transactions (SFTs) in numerous classes.
The info being acquired by the Income Tax Department from the filers of those specified SFTs is now being proven in Part E of Form 26AS to facilitate voluntary compliance, tax accountability and ease of e-filing of returns in order that the identical can be utilized by the taxpayer to file her or his earnings tax return (ITR) by calculating the right tax legal responsibility in a feel-good setting.
This would additionally usher in additional transparency and accountability within the tax administration.
The earlier Form 26AS used to provide info concerning tax deducted at supply and tax collected at supply referring to a PAN, in addition to sure further info together with particulars of different taxes paid, refunds and TDS defaults. But now, it’s going to have SFTs to assist the taxpayers recall all their main monetary transactions in order that they’ve a prepared reckoner to allow them whereas submitting the ITR.
The Form 26AS for any taxpayer, from now onwards, will show partially E of the Form, completely different fields corresponding to kind of transaction, identify of SFT filer, date of transaction, single/joint occasion transaction, variety of events, quantity, mode of cost and remarks and so forth.
Furthermore, this may assist the sincere taxpayers with up to date monetary transactions whereas submitting their returns, whereas it’s going to desist these taxpayers who inadvertently conceal monetary transactions of their returns. The new Form 26AS would even have info of transactions which was acquired as much as Financial Year 2015-16 within the Annual Information Returns (AIR).
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