praisethelord123
New member
First let's start with basics
Q: What is Form 26AS Form?
Ans: Till now Form 26AS, was a statement that IT dept used to provide u to capture
(a) TDS deducted from u (For eg: Ur company deducting TDS on ur salary)
(b) TCS: Tax collected at source (house property etc)
Now Form 26AS, will have a new section known as Section E
Section E will also capture certain high value transactions that you do in a financial year
So at a glance it will help u see you large txns in a year. And we explain below which txns
Q: Tell me which txns & what do u mean by large txns (how large?)
Ans: For eg: if u invest in a mutual fund > 10 lacs in a year. That is a large txn and it will be captured in this statement
Not a single txn, but cumulative in a year if in a single MF u invest > 10 lacs
Q: Ok I get it, tell me more which all txns will be included?
Ans: 14 types of txns are included and here is the full list
1) Fixed Deposits together in Bank > 10 lacs in a year
2) Credit Card Bills > 10 lacs (in a year) if paid by cheque
and > 1 lacs if paid by cash
3) If u buy bonds > 10 lacs in a year
4) If u buy shares > 10 lacs in a year
5) If u tender shares for buyback > 10 lacs in a year
6) If u buy Fx > 10 lacs in a year
7) If u buy MFs > 10 lacs in a year
8) Real Estate > 30 lacs
9) Purchase of Bank drafts > 10 lacs with cash
10) If u deposit cash in savings bank account > 10 lacs
11) Cash deposts or withdrawals from current account > 10 lacs
And some other routine ones (related to demonetisation)
All this will be shown in Section E in your Form 26AS of your previous years also!
Q: How does all this impact us?
Ans For honest tax payers, it is actually beneficial. Now we have a single point source of all large txns which will help us
For those who evaded taxes - earlier also IT dept knew it - Now it is putting it in their face and telling IT knows
Source:
Q: What is Form 26AS Form?
Ans: Till now Form 26AS, was a statement that IT dept used to provide u to capture
(a) TDS deducted from u (For eg: Ur company deducting TDS on ur salary)
(b) TCS: Tax collected at source (house property etc)
Now Form 26AS, will have a new section known as Section E
Section E will also capture certain high value transactions that you do in a financial year
So at a glance it will help u see you large txns in a year. And we explain below which txns
Q: Tell me which txns & what do u mean by large txns (how large?)
Ans: For eg: if u invest in a mutual fund > 10 lacs in a year. That is a large txn and it will be captured in this statement
Not a single txn, but cumulative in a year if in a single MF u invest > 10 lacs
Q: Ok I get it, tell me more which all txns will be included?
Ans: 14 types of txns are included and here is the full list
1) Fixed Deposits together in Bank > 10 lacs in a year
2) Credit Card Bills > 10 lacs (in a year) if paid by cheque
and > 1 lacs if paid by cash
3) If u buy bonds > 10 lacs in a year
4) If u buy shares > 10 lacs in a year
5) If u tender shares for buyback > 10 lacs in a year
6) If u buy Fx > 10 lacs in a year
7) If u buy MFs > 10 lacs in a year
8) Real Estate > 30 lacs
9) Purchase of Bank drafts > 10 lacs with cash
10) If u deposit cash in savings bank account > 10 lacs
11) Cash deposts or withdrawals from current account > 10 lacs
And some other routine ones (related to demonetisation)
All this will be shown in Section E in your Form 26AS of your previous years also!
Q: How does all this impact us?
Ans For honest tax payers, it is actually beneficial. Now we have a single point source of all large txns which will help us
For those who evaded taxes - earlier also IT dept knew it - Now it is putting it in their face and telling IT knows
Source:
