Know the big change before filing ITR, the Income Tax Department has given this big benefit to taxpayers

New Delhi Usually 31 July is the last date to file Income Tax Return. However, on demand by tax payers many times, the income tax department extends the date of filing the return by one month. This time due to corona virus, the Central Board of Direct Taxes (CBDT) has given taxpayers exemption to file returns by 30 November. However, before filing the return, several changes have been made in this year’s income tax return form and 26AS form. Taxpayers are expected to benefit greatly from the changes made in Form 26AS. Before the benefits, we are going to tell you what is Form 26AS.

Form 26AS is very useful
According to CBDT, this is the taxpayer’s annual tax statement. Taxpayers can remove it from the income tax department website with the help of their PAN number. If someone has paid tax on his income or any person / institution has deducted tax on his earnings, then the taxpayer also finds mention in Form 26AS.

How to download form 26AS
Form 26AS can be downloaded from the website of Traces. To download Form 26AS, login to Income Tax eFiling website. In the My Account section, 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. The taxpayer’s birthday is used as a password to open Form 26AS.

This is a big change
From this year the Income Tax Department has made a big change in Form 26AS. Now, in this form, taxpayers will be informed about all major financial transactions done by them. This form will facilitate voluntary compliance and submission of income tax returns in electronic form.

The CBDT said that the department has to pay cash deposits from savings accounts, purchase of immovable properties, credit card payments, purchase of lions, debentures, foreign exchange, mutual funds, cash payments for goods and services from FY 2015-16. Information about etc. is being received from banks, mutual fund companies, bond issuing institutions and registrars. The department said that now all these information will be available in the new Form 26AS. The CBDT said that these information related to Special Financial Transaction Accounts (SFT) will now appear in Part E of Form 26AS. This will ensure voluntary compliance, tax accountability and ease of filing e-returns.

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