Revised Form 26AS

Revised Form 26AS

An annual consolidated account report, or Form 26AS, makes the filing, processing, and review of income tax returns simpler and more efficient. Using the information on their PAN (Permanent Account Number) cards, taxpayers can acquire it through the IT (Income Tax) website.The 26AS form formerly just required certain personal information, such as Name, Address, and PAN, but the new form will also include Date of Birth, Registered Email Address, and Mobile/Phone number.

In order to do this, a new Section 285BB of the Income Tax Act was included in the Budget 2020–21. Additionally, the Ministry of Finance created Form 26AS, referred to as a "Annual Information Statement", and made it effective as of the first of June 2020.

Benefits of the Revised Form 26AS

• It will be possible to access all the data or information in one location. It aims to provide far more thorough information about the taxes that a taxpayer has submitted.
• Additionally, it provides every status of every pending and finished income tax measure.
• Additionally, it offers benefits for the status of income tax charges and returns.
• The characteristics of specifically identified commercial transactions that the taxpayer initiated during the relevant financial year, such as investments in real estate and stock, in a single application or statement.
• If any misinformation is summarised, Form 26AS will assist the taxpayer in recognising the situation and taking corrective action.
• Additionally, it is advantageous for the tax experts performing e-assessment and engaging in restricted interactions with taxpayers because they will be able to quickly compare the information disclosed by the taxpayer in their ITR filing with that which is possible in Form 26AS, and any discrepancies will be quickly reduced by the rules.
• Since most of the information would be gathered from this alone, it would simplify the tax filing process and cover the news of the taxpayer's financial transactions.

2022-23 Features About Revised Form 26AS

The former form 26AS included information on the taxes that were withheld from you, collected from you, and paid by you. The new form will include information about advance tax or self-assessment tax. This update will make it easier for you to confirm that the tax was, in fact, deposited with the government by your company, bank, or other tax payer. If not, you can then respond appropriately to this.

The Income-tax department will also offer information about outstanding demands through the new form 26AS. You can use this information to confirm whether the identical demand is actually outstanding or is being challenged. If the demand is contested, you may correct errors, file an appeal, or submit an application for the delay if due date is already passed.

Documents Required to File Form 26AS

• Salary slips
• Post office savings account passbook, updated bank, and PPF account passbook
• Details of bank account
• Details of investment in unlisted shares
• Aadhaar card
• Pre-validation of bank statement for ECS refund
• Capital gains reports
• Home loan reports from bank/NBFC
• Documentary evidence to claim deductions below section 80D to 80U
• Tax-saving investment records
• Particulars of Form 26AS
• Form-16B/Form-16A/Form-16C
• Interest documents from banks and post office

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