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Changes-in-Annual-Information-Statement-Form-26AS

 

Changes in Annual Information Statement Form 26AS

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Introduction-
The Central Board of Direct Taxes (CBDT) has notified a New Annual Information Statement (earlier it was Annual Tax Statement) i.e. new Form 26AS will be affected from 1st June 2020 as replacing the earlier Form 26AS. They have introduced section 285BB and Rule 114-I in the Income Tax Rules, 1962 vide Notification No. 30/2020 dated 28.05.2020.

See the related post: How to download Form 26AS Online
 
Information which sought in new Form 26AS has inclusive (old + new) is as under-
As earlier (Old)-

1. Information relating to tax deducted or collected at source.

2. Information relating to payment of taxes.

3. Information relating to demand and refund.

New Additions-

4. Information relating to specified financial transaction like sale/purchase of property, investments.

  • Purchase of Shares/bonds/debentures/units of Mutual Fund more than Rs. 10 lacs.
  • Purchase of Immovable property valued of more than Rs. 30 lacs.

5. Information relating to pending proceedings (i.e. Assessments, penalty proceedings, appeals, etc.).

6. Information relating to completed proceedings.

7. Information relating to pending demands

8. Information about payments made to banks for demand drafts, pay order as well as cash deposited and withdrawn beyond certain limits.

  • Cash deposits in saving bank accounts more than Rs 10 lacs ina financial year.
  • Recurring deposits/time deposits more than Rs 10 lacs ina financial year.
  • Cash deposits/withdrawal from current account more than Rs 50 lacs ina financial year.
  • Cash payments in your credit card beyond a particular limit, which is more than Rs. 1 lac.
  • Any cash payment made above to Rs. 2 lacs.

9. Information received from any government or any other law offices (i.e. foreign government, GST department, CBI, SEBI, etc.).

10. Information received from any other person (Tax Evasion Petition).





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