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Not just TDS, Form 26AS to show property, shares, MF transaction details

Not just TDS, Form 26AS to show property, shares, MF transaction details

As the union Budget has proposed rationalisation of provisions relating to Form 26AS, taxpayers will now get a detailed information statement beyond the tax deducted at source (TDS) such as sale/purchase of immovable property, share transactions, etc. This will help make filing of income tax returns (ITR) easier.

At present, under Section 203AA of the Income Tax Act, the income-tax department delivers Form 26AS to every person, showing details of TDS and other prepaid taxes. The Budget has now proposed to introduce a new Section 285BB that requires it to upload a comprehensive annual information statement in respect of the taxpayer.

“Such statement will also include other financial information such as sale or purchase of immovable property and shares in possession of the income-tax authority. Consequently, Section 203AA will be deleted and Form 26AS will be replaced by the comprehensive annual information statement,” the Finance Bill’s provisions relating to direct taxes notes. bakırköy sex shop This proposed amendment will be effective from June 1, 2020 and the form and manner of the annual information statement will be prescribed by the government later separately.

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