Form 26AS - Is form 26AS outdated?
Form 26AS - Is form 26AS outdated?
Form 26AS has dipped its first foot in the grave with the introduction of brand new Annual Information statement, with the aim of subsuming the current form 26AS and providing all relevant information to a taxpayer with reference to his PAN, income and TDS particulars. When the AIS is fully functional, the old form 26AS will no longer be available in the Income Tax Portal. So, to match the both documents, lawmakers have updated form 26AS to include some additional information.
Form 26AS - An Overview of a Phasing out Document.
Using the form 26AS, a tax payer can get a summary of the total amounts of TDS (Tax Deducted at source) that their employer or bank etc have deposited in their names.
When the AIS is fully functional, the old form 26AS will no longer be available in the Income Tax Portal. So, to match the both documents, lawmakers have updated form 26AS to include some additional information.
To match this AIS with the Form 26AS, we can find the following new information in the form 26AS.
Basically, Form 26AS gives a taxpayer a summary of all deductions of taxes from his account, including any demand orders that the department has issued against its taxpayers.
Basically, form 26AS gives you the income and TDS particulars for the following:
(A) Information related to Specified Financial Transactions.
You can find the following information in this heading of Form 26AS. This information is similar to part B2 of the Annual Information Statement
(1) Transaction of purchase, sale/ exchange of goods or property or right or interest in a property; or
(2) Transaction for rendering any service; or
(3) Transaction under a works contract; or
(4) Transaction of making an investment or incurring an expenditure; or
(5) Transaction for taking or accepting any loan or deposit
(6) Nature and value of specified transaction required to be reported and specified persons who are required to report
(7) Cash Deposits > ₹10 lac in saving bank account
(8) Purchases of bank drafts, pay orders, etc > ₹10 lac in FY
(9) Cash payment made for FD > ₹10 lac in a FY
(10) Cash deposit or withdrawal > ₹50 lac current account in a FY
(12) Cash received > ₹2 lac for sale of goods or rendering of services
(13) Expenditure in foreign currency via debit card, credit card or travelers cheque > ₹10 lac in FY
(14) Payment by credit card > ₹10 lac on FY
(15) Credit Card bill paid in cash > 1 lac in FY x
(16) Mutual Funds investments > ₹10 lacs in FY
(17) Purchase of shares through Public Offer or right issue > ₹10 lacs
(18) Share buy-back from a person > ₹10 lacs
(19) Purchase of bonds or debentures < ₹10 lacs in FY
(B) Information relating to demand and refund
This part contains these two instances of transactions made during the year.
(C) Information relating to pending proceedings with the Income Tax Department
You can find information of any income tax proceedings / appeal for which the Judge has not passed any order till date, in this part of the Annual Information statement.
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