pri What type of transactions to be reported in New Form 26AS What type of transactions to be reported in New Form 26AS

On 18th of July, 2020, CBDT issued a press release on New Form 26AS. Now, Form 26AS will not only for TDS, TCS or other taxes paid but will also show high value transactions of taxpayers.

What type of transactions to be reported in New Form 26AS.

S. N. Nature and value of transactions
1 a) Purchasing of bank drafts/pay orders/banker’s cheques of an amount aggregating to Rs. 10 lakh or more in a financial year

b) Purchasing of pre-paid instruments issued by RBI in cash aggregating to Rs. 10 lakh or more during the financial year

c) Cash deposit/cash withdrawals (including through bearer’s cheques) aggregating to Rs. 50 lakh or more in a financial year, in or from one or more current account of a person

2 Cash deposits aggregating to Rs. 10 lakh or more in a financial year, in one or more accounts (other than a current account and time deposit) of a person.
3 One or more time deposits (other than a time deposit made through renewal of another time of deposit) of a person aggregating to Rs. 10 lakh or more in a financial year of a person.
4 Payments made by any person of an amount aggregating to

  • Rs. 1 lakh or more in cash; or
  • Rs. 10 lakh or more by any other mode, against bills raised in respect of one or more credit cards issued to that person, in a financial year
5 Purchasing of bonds/debentures of an amount aggregating to Rs. 10 lakh or more in a financial year
6 Purchasing of shares (including share application money) issued by the company of an amount aggregating to Rs. 10 lakh or more in a financial year
7 Buy back of shares for an amount aggregating to Rs.10 lakh or more in a financial year
8 Purchasing of Mutual Fund of an amount aggregating to Rs.10 lakh or more in a financial year
9 Purchasing of Foreign Currency of an amount aggregating to Rs.10 lakh or more during a financial year
10 Purchase or sale  by any person of  immovable property for an amount of Rs. 30 lakh or more
11 Receipt of cash payment exceeding Rs. 2 lakh for sale (other than those specified above)

CHANGE IN FORM 26AS

Form 26AS used to give information regarding tax deducted source and tax collected at source relating to a PAN, other taxes paid, refunds and TDS defaults.

Now, all the above transactions (referred table given on the above) will be show in the new Form 26AS.

Where it will show in Form 26AS?

It will be shown in section E of Form 26AS.

How does it impact on us?

It is beneficial for all honest taxpayers. Now we have a single point source of all large transactions which will help us.

Where Can I check my Form 26AS?

You can check your Form 26AS from the Income Tax E Filing portal.

1. Log in to your account through this link:

Incometaxindiaefiling.gov.in

2. Go to My Account and then view Form 26AS.

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One Comment

  1. Herman M Sequeira says:

    Total Amount paid/credited shown on the Form 26AS does not tally with Form 16 Part B although it tallies with Form 16 Part A. While filing my returns should I enter the amount shown on the Form 16 Part B which is lower than the one on Form 26AS. The tax deducted by the employer tallies on both the forms.The difference is 168999.82 and if i enter the amount as per 26AS, then i have to pay an additional tax of Rs 58000.00 (Approx). Kindly guide

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