Enlarged Scope of Form 26AS
Scope of form 26AS enlarged:
It now contain not only details of taxes deducted and/or paid but also information in respect to:
- Details of proceedings in form of Inclusion of both pending and completed proceedings,
- Details of Income Tax Demand & Refund,
- Summary of Specified Financial Transactions:
- Cash deposits aggregating to Rs. 10 lakh or more in one or more saving bank account(s) and Cash deposits or cash withdrawals (including through bearer’s cheque) aggregating to Rs. 50 lakh or more in one or more current account(s) of a person,
- Inclusion of Financial Transactions is in form of Cash/Credit Card payments made to credit card issuing institution of Rs. 1 Lakh or more in cash or Rs. 10 Lakh or more by any other mode,
- Investment Transactions of Rs. 10 Lakh and more (term deposits, acquisition of shares, bonds or debentures, buy back of shares, Mutual Funds),
- Purchase or sale by any person of immovable property for an amount of Rs. 30 Lakh or more
- Cash payment exceeding Rs. 2 lakh for goods or services of any nature and
- Sale of foreign currency an amount aggregating to Rs. 10 lakh or more during financial year.
- Any adverse action initiated or taken or found or order passed under any other law such as Custom, GST, Benami Properties Law etc. also information about Turnover reported under GST returns, import, export etc.
Form 26AS will be updated regularly every 3 months basis and should be reviewed to determine its correctness and/ or taking timely steps to get it rectified.
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