ITR Filing: Importance of Form 26AS, key changes for AY 2020-21
4 years, 1 month ago

ITR Filing: Importance of Form 26AS, key changes for AY 2020-21

India Today  

The Central Board of Direct Taxes has notified two Income Tax return forms for the assessment year of 2020-21. Importance of Form 26AS: Form 26AS helps you verify the tax credits and computation of income before filing the income tax return. Apart from this, Form 26AS also reflects details of Annual Information Return, which is filed by different entities based on what an individual has invested or spent, mostly high-value transactions. Key changes in Form 26AS: Earlier, Form 26AS relating to a PAN used to provide information regarding tax deducted at source and tax collected at source besides certain additional information including details of other taxes paid, refunds, and TDS defaults. Form 26AS will now be a complete profile of the taxpayer which will have comprehensive information on taxes paid, details of pending and completed income tax proceedings, the status of income tax demand, and refund among others.

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