In the new notification of the Central Board of Direct Tax (CBDT), now Income Tax Passbook (Form 26AS) will have the record of GST Returns.
Lets understand Form Gst return 26AS under Income Tax.
- This Form deals with an annual consolidated tax statement released by the Department of Income Tax.
- The form is easily available on the Income Tax official website and can be accessed using the Permanent Account Number (PAN).
- The taxes that are deducted from an individual or of the Company must be credited to the Central Government through banks.
- This form also has the sum of Tax deducted at Source (TDS) of the salaried class and paid taxes during the financial year.
- Presently, a taxpayer can check their Form 26AS and refer it with Form 16 as provided by the employers while filing Income Tax Return for the taxes paid to the Central Government in treasury.
New changes in Form 26AS
- The regulatory authority Central Board of Direct Taxes has introduced this form in a new format that is as follows:
- Under the new criteria, the Principal Director General of Income Tax or any person of the same rank may upload in the registered account of the assesses annual statement information in the prescribed format of Form 26AS under section 285BB of the Income Tax Act, 1961.
- In the new format of the form, the Aadhaar number, date of birth, email ID, contact number with address will be reflected in the form.
- Earlier, Form 26AS used to provide information only regarding TDS and TCS other than some additional details that include information regarding taxes paid, refunds, and TDS defaults as told by the Central Board of Direct Taxes (CBDT).
- Now, there will be a Statement of Financial Transactions (STF) that provides guidance to the taxpayers for keeping a record of major financial transactions for enabling them to file the Income Tax Return.
- The new form will also have an Annual Information Statement i.e. information regarding the taxes paid to the taxpayer, details of the outstanding balance, refund status, and details of the financial transaction such as the purchase of property and shares.
- The annual information shall be uploaded within three months from the month ending in which information is received.
- The new form will also include the information gathered for the agencies, departments, and GST Authorities.
- It simply means that the new form will also show GST turnover information as well.
- Lastly, the new amendments in Form 26AS will be considered as faceless handling of the taxpayers to file their Income Tax Returns more accurately and quickly. Also, this effort shall bring more transparency and light to the functioning and financial stability of the assessment.