Form 26AS to Include High Value Transactions, Foreign Remittances, MF’s Details

Form 26AS to Include High Value Transactions, Foreign Remittances, MF’s Details

The Central Board of Direct Taxes (CBDT) has included details of mutual fund (MF) purchases, foreign remittances, along with information in ITRs of other taxpayers in the Form 26AS.

The Budget 2020-21 had introduced a new Section 285BB in the I-T Act, to revamp Form 26AS. Accordingly, on 26th October, 2021, CBDT has issued an order under said section of the I-T Act expanding the scope of information reported in new Form 26AS.

Form 26AS now has been expanded with the list of high-value financial transactions which would be available to taxpayers. It includes foreign remittance made by any person through an authorized dealer, breakup of the salary with deductions claimed by the employee, information in ITR of other taxpayers, interest on Income Tax Refund, information published in Statement of Financial Transactions.

In addition, off market transactions reported by depository/ registrar and transfer agent, information about dividend of mutual fund reported by RTA, and information about purchase of mutual fund reported by RTA too would be included in Form 26AS.

Now, all such information under different statement of financial transactions (SFTs) will be shown in the new Form 26AS.

Further, the information being received by the department from the taxpayers of these specified SFTs is now being shown in Part E of Form 26AS which also shows different fields such as type of transaction, name of SFT filer, date of transaction, single/joint party transaction, number of parties, amount, mode of payment and remarks etc.


Knowledge Update

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