In a significant move aimed at increasing transparency and simplifying income tax return filing, the Central Board of Direct Taxes (CBDT) has revamped Form 26AS, transforming it into a comprehensive annual information statement reflecting a taxpayer’s full financial profile.
Effective from June 1, 2020, as per Notification dated May 28, 2020, the updated Form 26AS now includes a wide array of information beyond traditional tax deductions. The change was made under Section 285BB of the Income Tax Act, 1961, read with Rule 114-I of the Income Tax Rules, 1962.
What’s New in Form 26AS?
The new version of Form 26AS provides a detailed financial snapshot of the taxpayer, including:
- Personal information (mobile number, email ID, Aadhaar, date of birth/incorporation)
- Tax deducted or collected at source (TDS/TCS)
- Details of specified financial transactions (SFTs) such as high-value property or share purchases
- Tax payments, refunds, demands, and proceedings (both pending and completed)
- Information from foreign tax authorities
- Data received from other government bodies under laws such as GST, Customs, or Benami Transactions Act
CBDT has also included an enabling provision to upload details from any law enforcement or tax authority, potentially bringing under the scanner transactions like import/export data and large GST turnover.
How to Access Form 26AS
Taxpayers can view their Form 26AS in the following ways:
- Income Tax Portal: www.incometax.gov.in
- Net Banking: Through 27 authorized banks, including SBI, HDFC, ICICI, Axis Bank, and others.
- TRACES Portal: Especially useful for NRIs, who can access via nriservices.tdscpc.gov.in
Form 26AS can be downloaded in PDF, text, or Excel formats.
High-Value Transactions Monitored
Under the Statement of Financial Transactions (SFT) mechanism, the revamped Form 26AS will now reflect:
- Cash deposits exceeding ₹10 lakh
- Credit card payments above ₹10 lakh (non-cash) or ₹1 lakh (cash)
- Property purchases over ₹30 lakh
- Purchase of shares, mutual funds, or foreign currency above ₹10 lakh
- Time deposits exceeding ₹10 lakh
- And more, including historical data of demonetisation-period cash deposits
Benefits and Usefulness
Form 26AS is a crucial tool for taxpayers, enabling:
- Better tax planning and accurate filing
- Early identification of mismatches or defaults in TDS by deductors
- Tracking of refunds and demands
- Confirmation of PAN activity status and financial transaction trail
Why Tax Credits Might Be Missing
Common reasons include:
- Deductors not depositing TDS
- Incorrect PAN entry
- Failure to file TDS returns
Taxpayers are advised to regularly monitor Form 26AS and follow up with deductors where discrepancies are noticed. Grievances can be lodged via the TRACES Grievance Module.
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