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Home Incometax New 26AS - Check New 26AS changes before filing ITR

New 26AS – Check New 26AS changes before filing ITR

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New 26AS is introduced by the Income Tax Department. The new 26AS form contains more detail about your financial transactions like real estate, equity, mutual fund, credit card, etc. So, make sure to check the 26AS form before filing ITR. This form also includes your personal information such as Aadhaar Card, Date of birth, mobile number, etc. 

Most of us are familiar with form 26AS and its usage. Form 26AS contains details about tax deducted at source and tax collected at source. This form also contains information about the tax paid and refund generated.  

Now Form 26AS contains a lot of additional information. One should check New 26AS changes before filing ITR. If you worried about new Form 26AS and changes incorporated here is a complete post explaining New 26AS form.

New 26AS

Personal Information 

The format of 26AS is changed. Now, this form also contains personal information like Aadhaar number, date of birth, mobile number, email ID of the taxpayer. Till now only PAN, name, and address were provided in Form 26AS. 

The additional information in Form 26AS makes you aware of the email ID, mobile number registered with the Income-tax department. The information mentioned in Form 26AS should be correct. 

The Income-tax department sends communications to taxpayers via SMS and e-mail. If you don’t want to miss any communication from the Income tax department you should keep these details updated.

Also Read – Income Tax Calculator FY 2020-21 (AY 2021-22) – Excel Download

Financial Transaction related Information

As of now Form 26AS provide the following information

  • Tax deducted by deductors on behalf of Tax Payer
  • Tax collected by collectors on behalf of Tax Payer
  • Advance / Self-Assessment tax deposited by Tax Payer
  • Refund paid by ITD to Tax Payer
  • AIR Transactions

New 26AS form will also provide information about financial transactions related to equity, mutual funds, credit card payment etc. You must be aware that the Income Tax department monitors financial transactions done by individuals above a certain value. Now information about the financial transaction will be available in your Form 26AS. 

The availability of transaction details in this form helps the taxpayers to verify and initiate corrective action in case the available information is incorrect. A taxpayer should verify the details given here before filing the income tax return.

You will see the following information in New Form 26AS.

Cash transactions 

  • Cash payment for the purchase of bank demand draft or banker cheque where aggregate payment is 10 lakh or above in the financial year.
  • Cash deposit and withdrawal from one or more current accounts of a person where aggregate value is above 50 lakh or above in the financial year.
  • Cash deposits in one or more accounts of a person, if aggregate payment is 10 lakh or more in a financial year.

Credit Cards & Fixed Deposit 

  • Payment made in cash for credit card dues aggregate amount of 1 Lakh or above by the taxpayer in a financial year.
  • Credit card payment done using any mode for one or more credit cards with an aggregate amount of 10 Lakh or above in a financial year.
  • A fixed deposit or renewal of fixed deposit with aggregate payment is 10 Lakh or above in a financial year.

Equity, Mutual Funds & Real Estate

  • Equity or Mutual Funds purchase by taxpayers with an aggregate amount of 10 Lakh or above in a financial year will be mentioned. Transfer from one scheme to another scheme will be not included.
  • The purchase or sale of real estate, if transaction value or Stamp Valuation of property is 30 Lakh or above. 

Forex 

Receipt from any person for sale of foreign currency including credit of such currency to foreign exchange card, if aggregate payment is Rs 10 lakh or more in a financial year. 

Expense made in foreign currency via debit card or credit card, demand draft or any other instrument, aggregating to 10 Lakh or above in a financial year. 

How to download your New 26AS Form?

Follow the steps given below to download New 26AS Form.

  • Visit the income tax department’s official website: www.incometaxindiaefiling.gov.in
  • Login with PAN Number and associated password.
  • Visit “My Account” navigation menu and view “Form 26AS (Tax Credit) link.
  • You will be asked to confirm about redirecting to TDS-CPC portal. Click on the confirm button and proceed.
  • Here you will be able to see Annual tax statement. You need to select Assessment year and view as option. You can view as HTML or text format. 
  • Press View/Download button and form will appear on screen.
  • You also get an option to export this form as PDF. 

Do you think additional information available in the New 26AS helps while filing an income tax return?

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