Income tax linked form 26AS will change from June 1, details of real estate, share transactions will also be filled
The Central Board of Direct Taxes (CBDT) on Thursday notified the revised Form 26AS. They contain details of tax collection or tax deduction at source. Now information on property and share transactions has also been included in this form. With this, the Form 26AS has been given a facelift. It now includes the details of certain financial transactions, payment of taxes, pending or completed process related to demand-refund by a taxpayer in a financial year, apart from the details of TDS-TCS. The details of this will have to be given in the income tax return. For its implementation, a new section 285BB was included in the Income Tax Act in the Budget 2020-21. The CBDT stated that the revised 26AS form will come into effect from June 1.
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Let us tell you that recently, Finance Minister Nirmala Sitharaman announced to increase the last date of income tax return for 2019-20 from 31 July 2020 to 30 November 2020, giving a big relief to those filing income tax returns. Currently, 31 July 2020 is the last date for filing returns for the assessment year 2020-21.
You can download Form 26AS from income tax website
Experts say that before starting the process of filing Income Tax Return (ITR), you need to check Form 26AS, Form 16 and Form 16A carefully. If everything is correct then only you file income tax return. You can download Form 26AS from the Traces website. To download you log on to the income tax filing website.
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In the My Account section, you click on the View Form 26AS (Tax Credit) tab. After this you will reach the website of Traces. Here you can download the statement after entering the assessment year. Your birthday is used as a password to open Form 26AS.