Income Tax Return new Form 26AS: What is Form 26AS, High value financial transactions, SFT

Income Tax Return (ITR) New Form 26AS: Now, the new form will have Statement of Financial Transactions (SFTs) in various categories to help taxpayers recall all their major financial transactions so that they have a ready reckoner while filing the ITR, the CBDT said.

आयकर रिटर्न (आईटीआर) नया फॉर्म 26AS: अब, नए फॉर्म में करदाताओं को अपने सभी प्रमुख वित्तीय लेनदेन को वापस लेने में मदद करने के लिए विभिन्न श्रेणियों में वित्तीय लेनदेन (एसएफटी) का विवरण होगा ताकि आईटीआर, सीबीडीटी दाखिल करते समय उनके पास तैयार रेकनर हो।

What Information available in ITR Form 26AS?

Form 26AS will have the high value financial transactions that were undertaken during the previous financial year.

What is Form 26AS and how is it useful?

Its actually a consolidated annual tax statement of tax payers which are generated by Income Tax Department of India and Tax payers can easily accessed it through Income Tax Website by using their PAN (Permanent Account Number).

A Form 26AS contains the amount of the tax deducted at source (TDS) of the salaried class and taxes paid during the financial year (in case of self-employed or businessmen).

While filing the ITR, taxpayers can refer to their Form 26AS and tally it with their Form 16 (provided by the employers/banks/mutual funds etc.) for the amount of taxes they paid to the treasury of the central government.

How is the new Form 26AS going to help the Tax Payers?

नया फॉर्म 26AS कैसे मदद करने वाला है?

• New Form 26AS will have SFTs to help the taxpayers recall all their major financial transactions.
• Faceless hand-holding of the taxpayers to e-file their income tax returns quickly and correctly.
• It helps Tax Payers to calculate tax liability correctly.
• It helps in Transparency and accountability in the tax administration.
• Part E section of the new Form 26AS will display different fields such as type of transaction, name of SFT filer (reporting firm/institution), date of transaction, whether or not its a single or joint party transaction, number of parties involved, amount of transaction, mode of payment and remarks

What Transactions shown in SFTs or what is the mean of SFTs in New Form 26AS?

• Information related to High-value transactions like cash deposit/withdrawal from saving bank accounts, sale/purchase of immovable property, time deposits, credit card payments, purchase of shares and debentures, foreign currency, mutual funds, buyback of shares, cash payment for goods and services

According to the tax body, this would help the honest taxpayers with updated financial transactions while filing their returns, whereas it will desist those taxpayers who inadvertently conceal financial transactions in their returns.

कर निकाय के अनुसार, यह ईमानदार करदाताओं को अपने रिटर्न दाखिल करते समय अद्यतन वित्तीय लेनदेन के साथ मदद करेगा, जबकि यह उन करदाताओं को छूट देगा जो अनजाने में अपने रिटर्न में वित्तीय लेनदेन को छिपाते हैं।