oppn parties The Scope Of Form 26AS To Be Widened

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  • Neha Bora was subsequently released and Dipke is to appear before a magistrate today at noon
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  • The Reserve Bank of India is considering further monetary tightening to counter capital outflows and increase the cost of betting against the rupee, according to bankers and analysts cited by Reuters. The measures follow recent rate increases and steps to drain liquidity as pressure on the currency and inflation concerns persist
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  • Finance Minister Nirmala Sitharaman said India's trade imbalance with China was growing sharply and attributed the problem partly to restrictions on Indian goods and services entering the Chinese market. China subsequently said it was ready to work with India to address mutual economic and trade concerns; India's trade deficit with China reached $69 billion in the first half of FY2026–27, up 27% year-on-year
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  • The Supreme Court issued notices to the Election Commission of India, Delhi Police and opposition leaders, including Rahul Gandhi and Akhilesh Yadav, in separate petitions concerning electoral-roll revision and protests held in Delhi on October 10–12. The court also directed the preservation of CCTV footage linked to allegations of police excesses
  • The Supreme Court ruled that a person converting from Hinduism to Islam cannot automatically claim backward-class reservation benefits in the new religious community solely on the basis of their previous caste status. The judgment upheld the Madras High Court's decision striking down a 2024 Tamil Nadu government order that permitted such certification for specified communities
  • The Election Commission of India ordered a Special Summary Revision of electoral rolls in 14 states and three Union Territories, using January 1, 2027, as the qualifying date for voter eligibility. The draft rolls are scheduled for publication on November 12, claims and objections will be accepted until December 11, and the final rolls are due on January 4, 2027
Delhi HC refuses to ban CJP's Tiranga rally at Central Park in Connaught Place today /////// Police says will control and regulate it /////// NDMC closes the park for the public on Friday and Saturday
oppn parties
The Scope Of Form 26AS To Be Widened

By Ashwini Agarwal
First publised on 2020-02-05 18:14:30

In a dual effort to both simplify matters for the taxpayer and plug the loss of revenue, this year’s budget has changed the way Form 26AS will report transactions. Its scope has been widened from just reporting TDS deductions and other prepaid taxes from various sources, including, but not limited to, salaries and bank fixed deposits.

The finance minister had proposed to introduce section 285BB that will make Form 26AS a comprehensive annual income statement and will include transactions such as immoveable property and shares purchased or sold, among other things. Hence, section 203AA, under which the Form 26AS is now created will be deleted.

The new Form 26AS will have information collected by the income tax department from sources such as state property registrars, stock exchanges, banks, mutual funds and EPFO. This will make easier for the department to provide the taxpayer with a more comprehensive pre-filled ITR on the one hand while on the other, it will ensure that the taxpayers report all incomes truthfully and revenue is not lost.

At present, Form 26AS contains information about TDS deducted from sources such as salary, bank fixed deposits and also the taxes collected from the taxpayer or paid by him. In effect, it is a statement of tax deducted, collected or paid. But now it will be converted to a statement of all reported transactions, whether or not it involved deduction or payment of tax. This is possible only because all financial transaction have now to be done by providing the PAN and are digitally recorded.

Although the taxpayer will have the benefit of getting a comprehensive and pre-filled ITR based on this new Form 26AS, it will the duty of the taxpayer to cross-check all information and tally with his actual transactions. In order to ensure that he or she does not file a defective return, the taxpayer will need to report any wrong information in Form 26AS and rectify the ITR accordingly.

 

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