Important announcement from the Income Tax Department regarding your 26AS form

IMPORTANT ANNOUNCEMENT REGARDING FORM 26AS

WHAT IS FORM 26AS?

Form 26AS statement is a summary of all the tax paid, TDS, TCS, Advance tax paid during the financial year. it also contains TAN number of your tax deductor who deduct your tax and paid to the government. Below is the summary of you already get in the Form 26AS.

1) Details of TDS, that is tax deducted by your employer, contractor, company and received a refund if any relevant financial year.

2) Details of immovable property sold during the year.

3) Details of car purchased of more than Rs.10 lacs during the year.

4) Details of property rent received of Rs.50,000/- per month during the year.

5) Details of the high-value transaction as per AIR (Annual Information return).

6) Details of Advance tax paid and self-assessment tax paid by you during the financial year.

New Changes in form 26AS from 01.06.2020 Notification No.30/2020

BELOW ARE NEW DETAILS YOU WILL GET IN FORM 26AS

1) Real estate transactions.
2) shares buying and selling transactions.
3) Details of the pending proceedings.
4) Details of Completed proceedings.
5) Any other information in relation to subrule (2) of rule 114 I.

THE BENEFIT OF FORM 26AS.

1) When you apply for any loan the bank is asking for the last 3 years form 26AS.

2) You can check all TDS credit amount in form 26AS and if there are any differences you can contact your employer, tax deductor who deduct your tax.

3) Avoiding any inquiry from the income tax department on the mismatch tax amount.

4) While filing your income tax return, you always download form 26 AS first, check tax amount then file your return.