On Monday, the Income Tax Department of India inaugurated its new income tax e-filing platform, which has several innovative features and is meant to provide taxpayers with a faster and better Income Tax Return (ITR) filing interface. The income tax department tweeted about the debut of its new portal, stating, "We proudly present to our valued taxpayers, the new e-Filing portal http://incometax.gov.in. Designed with your convenience in mind, the portal offers features to make your e-filing experience smoother, simpler & smarter. You Come First, Always!". So, if you're a taxpayer, here's a tutorial to assist you to learn how to use the new income tax portal to get Form 26AS.
What is Form 26AS?
Form 26AS is an annual declaration that shows the amount of tax levied against a taxpayer. You can find information related to your income on which tax has been withheld on your Form 26AS, and the tax deposited on your behalf by the deductor, which might be your employer, bank, or other entity. Your Form 26AS will now include details on tax refunds and demands (if any) against your PAN beginning from June 1, 2020. Before submitting an ITR, a taxpayer must compare his actual transactions to the transactions recorded on his Form 26AS. This will reduce the number of mistakes caused by the absence of specific transactions while filing ITR.
How to verify details in Form 26AS?
The most important document to have before submitting an income tax return is Form 26 AS (ITR) or annual consolidated statement. This form provides all the tax-related details, such as details of tax deducted at source, advance tax, and so on. As a result, while compiling your ITR, you must compare the income details and tax deducted stated on Form 26AS with the figures in your data. If there is a discrepancy between the amount of income and the amount of TDS, this will generate an income tax notice against the taxpayer. This practice is essential to prevent a tax department's scrutiny if there is a discrepancy between your return and Form 26AS.
Transactions that are now included in Form 26AS
- Payments issued in cash for the purchase of bank drafts, pay orders, or cheque totalling Rs 10 lakh or more in a financial year, and payments issued in cash for the Prepaid Payment Instruments (PPIs) approved by the Reserve Bank of India under section 18 of the Payment and Settlement Systems Act, 2007 totalling Rs 10 lakh or more in a financial year.
- Cash deposits or withdrawals including cheque in or from one or more current account of an individual totalling Rs 50 lakh or more in a financial year. Cash deposits of Rs 10 lakh or more in one or more accounts other than a current account and time deposit account of an individual in a financial year. One or more time deposits, other than those made by renewing another individual's time deposit, totalling Rs 10 lakh or more in a calendar year.
- In a financial year, payments made by any individual totalling Rs 1 lakh or more in cash; or Rs 10 lakh or more in any other method, against invoices issued in regard to one or more credit cards authorized to that individual.
- In a financial year, cash receipt from any individual of an amount of Rs 10 lakh or more for the purpose of purchasing bonds or debentures issued by the firm or institution. In a financial year, cash receipt from any individual of an amount of Rs 10 lakh or more for purchasing shares granted by the firm.
- In a financial year, buy back shares from someone other than those who acquired them from the marketplace for an amount of Rs 10 lakh or more.
- Other than the amount collected on account of a transfer from one scheme to another scheme of that mutual fund, cash receipt from any person of an amount totalling Rs 10 lakh or more in a calendar year for purchasing units of one or more schemes of that mutual fund.
- Cash receipt from any individual for the sale of foreign currency, including any credit of such currency to a foreign exchange card, or expenditure in such currency via a debit or credit card, or issuance of a traveller's cheque, draft, or other mechanisms, totalling Rs 10 lakh or more during a fiscal year.
- Purchase or sale of immovable property for an amount of Rs 30 lakh or more by any individual, or worth of Rs 30 lakh or more by the stamp valuation body referred to in section 50C of the Income-tax Act.
- Receipt of cash payment above Rs 2 lakh for the sale of goods or services by any individual (other than those specified at Sl. Nos. 1 to 10).
How to download Form 26AS from the new income tax portal?
- Visit https://www.incometax.gov.in and click on the ‘Login' link in the top right corner.
- Now enter your User ID which can be your PAN or Aadhaar number and click on ‘Continue'
- Now go to the ‘e-File' section and select the ‘Income Tax Returns' option.
- Now select ‘File Income Tax Return' and click on the ‘View Form 26 AS (Tax Credit)' option.
- Now confirm the disclaimer and click ‘Confirm'.
- Now you will be redirected to the TDS-CPC Portal where you need to agree to the usage and acceptance of the Form.
- Click on ‘Proceed' and then click on ‘View Tax Credit (Form 26AS)'
- Now select the ‘Assessment Year' and ‘View type' as HTML, Text, or PDF and then click on "View/Download".
- Now you will be able to download Form 26AS in PDF format.