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Form 26AS has been changed, know what will be the benefit for taxpayers
This year, when taxpayers sit to file their income tax returns, they will see Form 26AS already changed.
- November 30 is the last date for filing income tax returns.
- Form is required while filing income tax return
If you are going to file income tax return then this news is for you. Recently, the Income Tax Department has made some changes in the Form 26AS. Due to this change, filing income tax returns will be much easier than before.
Form 26AS and Variations
Actually, this form contains details of tax deducted at source (TDS) and tax collection at source (TCS). Now information of property and share transactions has also been included in this form. If you understand in easy language, the revised form will include the details of all major financial transactions of the taxpayer.
This will make it easier for taxpayers to file ITR. The taxpayer will remember the financial transaction through the form and an estimate will be prepared in advance while filing the ITR. Let us tell you that the last date for filing income tax return is till 30 November 2020.
CBDT recently brought out the new form 26AS for ease of filing of Income Tax Returns(ITRs)by taxpayers.The new form is a faceless handholding of taxpayers,to help them with updated financial transactions,so as to facilitate voluntary compliance &easy e-filing. #FacelessIncomeTax pic.twitter.com/w0as1LxwQP
— Income Tax India (@IncomeTaxIndia) July 18, 2020
71,229 crore refunds
According to the latest data of the Income Tax Department, between April 8 and July 11, refunds worth Rs 71,229 crore were issued to 21.24 lakh taxpayers. This includes refund of Rs 24,603 crore of individual income tax payers, whose number is 19.79 lakh. At the same time, 46,626 crore rupees have been returned to 1.45 lakh taxpayers under the company tax.
This appeal to taxpayers
Along with this, the Central Board of Direct Taxes (CBDT) has asked the taxpayers to reply immediately to the department’s e-mail regarding fast processing of their refunds. With this, the department will take steps to speed up their refund process.