The Central Board of Direct Taxes has stated that taxpayers for this assessment year will have an amended Form 26AS. This would encompass added details on taxpayers financial transactions in various categories.
Earlier Form 26AS linked to PAN used to give information about tax deducted at source and tax collected at source and certain other information about taxes paid, refunds and TDS Evasions. However Now it will have Statement of Monetary Transactions to support the taxpayers about their major financial transactions, so that they have ready calculator to help them file the ITR.
In case you have done any high value transaction or other transactions in the last financial year that has made filing the Income Tax Return mandatory for you, but you have not filed the return? Or return of income that you have filed has discrepancies in the income disclosed than what you have actually earned? The Income Tax (I-T) Department has now almost all the information about the transactions you have made in the Financial Year (FY) 2018-19 and you can no longer flee with the ITR of discrepancies in income disclosed.
The I-T Department has the information related to your transactions from various sources such as Foreign Remittances (Form 15CC), Statement of Financial Transactions (SFT) etc. Data analytics, information related to GST, exports, imports and transactions in securities, derivatives, commodities and mutual funds are also communicated to the I-T Department. You have a chance to rectify the return before serving a Tax Notice
In order for Taxpayers to correct their discrepancies, the Central Board of Direct Taxes has begun an e-campaign. The campaign will end on July 31, 2020.
Usually, the due date for completion of filing Income Tax Return (ITR) is July 31 of the Assessment Year, however the Corona Times have interrupted the ITR filing process this year.
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