Income Tax : This FAQ guide explains the applicability of ITR forms, filing methods, due dates, penalties, and taxpayer obligations for AY 2026...
Income Tax : This comprehensive FAQ guide explains the basics of income tax, including taxable income, previous year, assessment year, tax paym...
Goods and Services Tax : The article questions the use of Section 74 for mere reconciliation differences between Form 26AS and GSTR-1. The key takeaway is ...
Income Tax : Recent ITAT rulings clarify that presumptive taxation depends on statutory classification under the Income Tax Act. The key takeaw...
Income Tax : ITR-1 has evolved from a self-declaration return to a data-reconciliation exercise backed by AIS, TIS, and Form 26AS. Salaried tax...
Income Tax : All Odisha Tax Advocates Association requests due date extensions for AY 2025-26 ITRs and Tax Audit Reports citing portal glitches...
Income Tax : The Tax Bar Association of Bhilwara requests an extension for the FY 2024-25 income tax return and audit report deadlines, citing ...
Income Tax : Explore Income Tax Day 2024s history, significance, and key updates from Budget 2024-25, including enhanced deductions and revised...
Goods and Services Tax : Bikaner Tax Consultants Association seeks an extension of the Income Tax Return filing deadline due to ITD portal glitches and iss...
Income Tax : ICAI addresses issues with Form 26AS/TIS/AIS and ITR filing glitches, urging CBDT for timely resolution to aid taxpayers in meetin...
Service Tax : The Gauhati High Court held that a service tax demand based only on Form 26AS, without examining the nature of services or taxabil...
Income Tax : ITAT Delhi held that professional fees claimed for raising working capital limits could not be fully allowed as the taxpayer faile...
Service Tax : The service tax demand arose from differences between income tax records and ST-3 returns. The Tribunal ruled that Form 26AS, whic...
Income Tax : The Delhi High Court held that RTI replies showing tax return filings and bank entries did not establish that specific payments we...
Income Tax : Mumbai ITAT held that once receipts reflected in Form 26AS are assessed as taxable income, corresponding TDS credit cannot be deni...
Income Tax : ADVISORY NO.: 45 Dated:- 14.07.2022 0/o PCDA(0) Pune, Public Relation office (PRO) Subject: Income Tax Demand Notice under section...
Income Tax : CBDT authorizes Director General of Income-tax (Systems) to upload information relating to Foreign remittance information reported...
Service Tax : Representations have been received from various trade bodies and associations regarding instances of indiscriminate issuance of de...
Income Tax : Director-General of Income-tax (Systems) to upload information relating to GST return, which is in his possession, in the Annual I...
Income Tax : The new Form 26AS is the faceless hand-holding of the taxpayers to e-file their income tax returns quickly and correctly. From thi...
Form 26AS is a consolidated annual tax statement that earlier included information on tax deducted/collected at source, advance tax, self-assessment that was available on the Income Tax website against a taxpayer’s Permanent Account Number (PAN) and was known as the tax credit statement.
New Form 26AS – The Game-Changer In Income-Tax IMPLICATIONS TO ASSESSEES AND PROFESSIONALS IN THE FACELESS SCENARIO It seems to be a human trait not to divulge financial information to anybody outside their inner-circle.The experience of many tax professionals has been that similar restraint is observed by clients even in their consultations in tax affairs. […]
Proposal To Add 11 New Transactions In Form 26AS 1) Education related fees and donations above 1 lakh in a year. 2) Electricity bills of above 1 lakh in a year 3) Domestic business class air travel or foreign travel. 4) Hotel bills above Rs.20,000/- 5) Purchase of jewellery, white goods, paintings, marble, etc. above Rs.1lakh. White goods includes Electronic Products i.e. TV, Refrigerator, Washing Machine.
Till Now, Form 26AS had always been an annual credit statement issued by the income tax department to help taxpayers cross-verify income earned, Tax deducted at Source (TDS) and tax deposited during a given financial year. In the new picture, Form 26AS will now be a complete profile of the taxpayer which will have comprehensive […]
As per section 194IA of the Income Tax Act, buyer is required to deduct tax at source @1% of the amount paid/credited to the seller. Therefore, after processing of 26QB statements, the information will appear in 26AS of buyer & Seller. As we all are aware that now the format of Form 26AS has been […]
Improved Form 26AS will contain details of taxpayers’ high valued transactions Filing income tax returns could get even more easier and transparent for individual taxpayers from this assessment year. This is because the newly revamped Form 26AS—which is effective from June 1– will also contain the information on taxpayers high valued financial transactions that could […]
1. CONCEPT OF FORM 26AS Form 26AS is the consolidated annual tax credit statement issued by income tax department. It contain information about tax deducted by employer, banks and other persons, tax collected on sale made to buyer, refund given, self-assessment tax and advance tax taxes paid, details of high value transactions and TDS defaults. […]
A) Income Tax New disclosures asked in the new ITR forms are: 1. House ownership: Individual taxpayers who are joint owners of house property cannot file ITR 1 or 2. Passport: One needs to disclose the Passport number if held by the This is to be furnished both in ITR 1-Sahaj and ITR 4-Sugam. Hopefully, […]
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 […]
Beware: IT Department through New Form 26AS has almost all information about your transactions There was a time when the IT department only knew what the taxpayer disclosed in his return of income & whatever was gathered from the scanty books of account produced during the course of assessment. The accounts were maintained manually in […]
