![]() ![]() The tax department is also attempting to eliminate inaccuracies and duplications in the updated report’s material.The income tax authorities have envisaged a stepwise approach to database pre-filling. The latest AIS can be employed to collect information and offer taxpayers pre-filled tax returns.The updated Income Tax 26AS document offers several benefits over the old one. What are the advantages of the new and updated Form 26AS ? For instance, a property dealer submits buyer information in their Income-tax return. ![]() They also have access to information about some taxpayer transactions via other people’s Income tax returns. They have already obtained certain information from authorized organizations like banks and other Financial Institutions. Salary breakdown information is provided in Form 16 based on information supplied by companies to the TRACES system. The Indian tax department has once again proposed an AIS (Annual Information Statement) to include additional facts such as overseas money transfers, off-market operations, interest on tax rebates, mutual fund acquisitions and dividend data, pay break-up information, etc. As a result, Form 26AS has been modified to contain certain financial transactions, current and finished assessment proceedings, income tax claims, and reimbursements. Extra information such as mutual fund purchases and dividends, interests on income tax rebates, off-market transactions, international transfers, salary breakdown information, and on and on.īefore this modification, Budget 2020 enlarged the range of Form 26AS. ![]() The description of High-Value Transactions including shares, mutual funds, and many more.Information of any refunds you got throughout the fiscal year.Regular assessment tax paid by PAN holders. ![]()
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