Share and Property info in Form 26AS
TAXPAYERS WILL NOW have the information regarding share and property along with other financial transactions in the newly notified form 26 AS— an annual information statement. This is likely to enable auto-filling of several fields in the income-tax returns (ITR)that earlier required manual calculations on the taxpayers' part. The finance minister had announced in the Budget that a more comprehensive Form 26 AS would be launched with taxpayer's profile. The board notified the form on Thursday
Viewed by 193
Farmers have a voting lobby ( unlike city middle class). So they get water/power free. Subsidised Fertilizer, farm produce purchase at minimum support remunerative price. They get money every month in their bank acct. So I decided to become a farmer. But I found, I can not buy agri land even if buyer & seller agree ! (atleast in Guj & Maha). Someone challenged this & Guj Hi court upheld free transaction between buyer & seller. But govt of Guj went in appeal to Hon Supreme court . Any remedy ?
May 30
Since Govt is tightening all noose and corners on IT.It will be appreciated if Agriculturist holding more then 10 Acre of land are also subject to be covered under Income Tax act.
May 30
Income-Tax should be abolished to make the nation citizen-freindly. Only communists will object.
May 29
What is the status of NRI & 26AS after the property is sold. Can he claim his TDS with ITR ??? In 26AS form . Please explain or answer. Thanks.
May 29
If NRI has sold his property in India then the Form 26AS will list the transaction showing details of TDS etc. If NRI is filing a ITR for his income earned in India he can claim credit of TDS as per Form 26As. Given below is information on new Form 26AS:
New Form-26AS relating to FY 2020-21 shall contain the following information:
Sl. No Nature of information
1. Information relating to tax deducted or collected at source (TDS or TCS)
2. Information relating to specified financial transaction (SFT)
3. Information relating to payment of taxes
4. Information relating to demand and refund
5. Information relating to pending proceedings
6. Information relating to completed proceedings
7. Any other information in relation to sub-rule (2) of rule 114-I
Extract of Newly Inserted Section 285BB of Income Tax Act, 1961- Inserted Vide Finance Act, 2020
New Form-26AS relating to FY 2020-21 shall contain the following information:
Sl. No Nature of information
1. Information relating to tax deducted or collected at source (TDS or TCS)
2. Information relating to specified financial transaction (SFT)
3. Information relating to payment of taxes
4. Information relating to demand and refund
5. Information relating to pending proceedings
6. Information relating to completed proceedings
7. Any other information in relation to sub-rule (2) of rule 114-I
Extract of Newly Inserted Section 285BB of Income Tax Act, 1961- Inserted Vide Finance Act, 2020
May 29
