Get Ready: Now, Bank & financial Institutions will also take Form No. 26AS along with Income Tax Returns to carry out due diligence

 221 total views

Get Ready: Now, Bank & financial Institutions will also take Form No. 26AS along with Income Tax Returns to carry out due diligence

Change and Reform is the main feature of every taxation legislature across the globe. Now, it is Form No. 26AS which has got a new look and contents.
26AS in its new Form is set to be the major information displayer which was not the part of the due diligence for various financial institutions earlier.
New Rule 114-I along with form 26AS has been Notified by CBDT to give more information to the taxpayers.
26AS is an Annual Financial Information Statement for each Taxpayer which contains not only of Taxes Paid by of TDS/TCS/SAT or Otherwise but also much more.

Let us have a key changes in 26AS:

  1. 26AS will now be a complete 360 degree profile of the Taxpayer for that Particular Year as against erstwhile 26AS which just provided the Information about Taxes paid by way of TDS/TCS or Self Assessing.

2. New form 26AS will also provide Information in respect of Specified Financial Transactions which include Transactions of Purchase/Sale of Goods,Property, Services, Works Contract, Investment, Expenditure, Taking or Accepting Any Loan or Deposits of such value as may be prescribed but not less than of Rs 50,000.

3. Information regarding Income Tax Demand, Refund, Proceedings Pending and Proceedings Completed which may include Assessment, Reassessment under Section 148,153A,153C , Revision , Appeal will also be the part of this new 26AS.

4.  As a result, any Adverse Action initiated or taken or found or order passed under any other law such as Custom, GST, Benami Law etc. including information about Turnover, Import , Export etc. will also be put in this form 26AS so that not only the concerned Taxpayer but  also all the Income Tax Authorities will  know and will have access to such Information.

5. New Form 26AS will display Mobile Number, Email I’d and Aadhar Number of the Taxpayer.

6. Most important is that this form 26AS will not be a one-time affair at year end and will keep updating on an ongoing real time basis. It will be a live 26AS which will be Updated Regularly within 3 Months from the end of the Month in which such Information is received by the department.

7. Form 26AS will now also provide Information received by Tax Department from any other Country under the Treaty/Exchange of Information about Income or Assets of the Taxpayer Located Outside India.

8. As a result of all above contents, one thing is sure. Now all Banks , Financial Institutions or any other Authority or Customer , Buyer etc. will surely ask for 26AS as well of the borrower. It will be the part of the Due Diligence of the prospective buyer/Guarantor so as to ascertain any major issues about such borrower or guarantor. It will make difficult for any Taxpayer to hide Information from any Bank/ Financial Institution/other Authorities about any Proceedings against under any Law or Tax Demand, Tax Disputes etc.

Further an enabling Provision has been notified in the Rule which empowers CBDT to authorise DG Systems or Any Other Officer to upload in this form 26AS, Information received from any other Officer, Authority under any Law.

How to Download Form 26AS?

  1. Form 26AS can be downloaded: On the TRACES website Or via Net Banking Facility of authorized banks.

  2. Go to https://incometaxindiaefiling.gov.in

  3. Login using your income tax department login & password. If you don’t have an account, you’ll need to Register first.

  4. Enter your PAN number, password And enter the captcha code in DD/MM/YYYY format and then click on LOGIN.

  5. Go to ‘My Account’. Click on  ‘View Form 26AS’ in the drop down & View Form 26AS

  6. Click on ‘Confirm’ so that you are redirected to the TRACES website.

  7. After this, you will be in the TRACES (TDS-CPC) website. Select the box on the screen and click on ‘Proceed’.

  8. Click on the link at the bottom of the page – ‘Click View Tax Credit (Form 26AS) to view your Form 26AS’.

  9. Choose the Assessment Year and the format in which you want to see the Form 26AS.

  10. If you want to see it online, leave the format as HTML.

  11. You can also choose to download as a PDF. After you have made your choice, enter the ‘Verification Code’ and click on ‘View/Download’.

  12. To open the document you have to enter a password. Form 26AS password is your DOB in DD/MM/YYYY format.

And now, your Income Tax Form 26AS will open.

 

***********************************************

Income Tax Act on Your Mobile Now Android Application For Income Tax Act – 1961 with Cost Inflation Index and other tools on Mobile now at following link:

https://play.google.com/store/apps/details?id=com.thetaxtalk&hl

***********************************************

Whatsapp Group at

  1. https://chat.whatsapp.com/2P6Rv16JoGfF8zQ8nGqp8p

 

 

  1. https://chat.whatsapp.com/FqM5tmd4wAM09nrMSwFgR4

***********************************************
For Tax & Corporate Law Updates on Mobile, we have created Telegram and Whatsapp Group with following Link: Telegram Group at –

https://t.me/joinchat/IJKacBcf0iWGoIpf8ah-HA

Leave a Comment

Your email address will not be published.

the taxtalk

online portal for tax news, update, judgment, article, circular, income tax, gst, notification Simplifying the tax and tax laws is the main motto of the team tax talk, solving