Attention to details is paramount while filing your Income Tax returns. And though the deadline has been extended several times lately, that isn’t the only change you need to be mindful of. A new Form 26AS has been introduced by the Income Tax Department which will seek far more details from you than the earlier form.
Archit Gupta, Founder and CEO, ClearTax says, “The date of applicability (of the form) is June 1, 2020. However, taxpayers are successfully filing their ITRs based on the existing Form 26AS, which is available for download, while the new form is underway.” The new deadline for filing ITR is November 30. Some chartered accountants say the details are for the current year and by November the new 26AS forms will be in place. It is because of the lockdown that it has got delayed for some time. Others believe that for all practical purposes, the new changes will be for FY21 (Assessment Year 2021-22).
Gopal Bohra, Partner, NA Shah Associates says, “The New Form 26AS will contain various additional information.”
These include the following:
(a) Specified financial transaction (i.e. Issue of shares, debentures, bonds etc.),
(b) Tax demand raised or refund granted by the department,
(c) Any pending proceeding or completed proceeding before/by the tax department and
(d) Information received from any officer under any law or under any tax agreements between countries to the extent it is in the interest of the revenue.
Tax and Investment expert Balwant Jain says, “The general public is apprehensive about it, and isn’t very happy about providing (so many) details. But it is good for us.” Going forward you will have to mention your email ID and mobile number registered with the IT department on the form. This will help you keep your details current with the tax department.
Jain says, “Now the Income Tax Department will provide details of demand which is outstanding.
Such Information will help you ascertain whether the same demand is genuinely outstanding or is under dispute.”
The newly added details of pending income tax proceeding with the tax department will now include the details of those that have been completed during the year. Jain says, “It includes the details of proceedings which have been completed during the year. This will help you remain updated about the appeals, any pending ones sitting at various levels and also if any such proceedings are there without your being aware of them.” The good thing is that these additional details will help taxpayers verify and take corrective steps in case some of the information submitted is incorrect.
How to access: Bohra says, “A taxpayer can download Form No 26AS from the Income-tax E-filling portal under the tab “My Account” after login with his personal credential. It can also be downloaded from the taxpayer’s Net Banking facility.’
How to deal with a mismatch: Bohra says, “Until now, the Income Tax Department has not provided any guidelines as to how a mistake on the part of the department can be corrected. However, it is recommended that the assessee brings to the notice of the Income Tax Authority any mismatch of the information provided in Form 26AS with necessary supporting documents.”
Remember your Tax Credit Statement or Form 26AS is an essential document for filing returns, and needs to reviewed carefully by you. Gupta says, “A mismatch between your actual income and TDS and those reported in Form 26AS can arise due to a wrong PAN or assessment year mentioned by the deductor. It may arise due to a mismatch in TDS challan payments made by the deductor. It can also arise where the deductor fails to make the TDS payment.” This lets you verify if your employer, or bank etc., in fact, deposited the tax with the government. Gupta Dds, “Many a time, the mismatches are due to wrong information provided in the TDS return. So, please approach your employer / deductor to file a revised TDS return after making the necessary corrections.” vgvggvhgcgchfcfcfcfgcdxdxdx