ITR Filing 2020-21: Know the Changes in New 26AS Form

Due to COVID-19 pandemic, the deadline for filing income tax returns (ITRs) has changed many times. The income tax (I-T) department has introduced a new Form-26AS which will seek more details than earlier.

Founder and CEO of ClearTax, Archit Gupta, says: "The applicability date is June 1, 2020. At present, taxpayers are successfully filing their ITRs based on the existing Form-26AS, which is available for download while the new form is underway."

The new deadline for filing ITR is November 30. However, it is not yet clear whether the new form will be applicable from 2020, some chartered accountants say that things can go both ways. The new form will be ready by November, and the new changes will be for the financial year 2020-21 for all practical purposes.

Presently, annual information Form-26AS presented by the tax department includes Information about tax payment (advance tax, self-assessment tax, and others) and tax deducted or collected at source on income (salary, interest, dividend, professional fees, and others) received or earned by the taxpayer during the relevant financial year.

Partner at NA Shah Associates, Gopal Bohra says: "Now the new Form-26AS will contain various additional information: (a) specified financial transaction (issue of shares, debentures, bonds and others); (b) tax demand raised or refund granted by the department; (c) any pending proceeding or completed proceeding before/by the tax department, and (d) Information received from any officer under any law or under any tax agreements between countries to the extent it is in the interest of the revenue."

Tax expert Balwant Jain says: "The general public is apprehensive about it, they are not very happy about the provision of details. But it is good for us."

Next, you need to mention your email address and registered mobile number with the IT department on the form. This will help you keep your current details with the tax department.

Jain further added, "Since the income tax department will provide details of demand which is outstanding. Such information will help you ascertain whether the same demand is genuinely outstanding or the same is disputed."

The newly added details about pending income tax proceeding with the tax department will now include the details of actions which have been completed during the year. It also consists of the features of procedures which have been completed during the year. This will help you keep updated about the appeals, any pending ones at various levels, and also if any such proceedings are there of which you are not aware about. In case if some of the Information submitted is incorrect, these additional details will help the taxpayers verify and initiate corrective steps.

How to Access: Bohra says: "A Taxpayer can download Form-26AS from the income-tax e-filling portal under the tab "My Account". It can also be downloaded from the taxpayer's net banking facility.'