Income tax payers can view now more details in their form 26AS-Tds statement

These details will be available soon in your form 26AS (Refer Note 1).

i. Foreign remittance information reported in Form 15CC
ii. Information in Annexure II of the 24Q TDS Statement of the last quarter
iii. Information in ITR of other taxpayer
iv. Interest on Income Tax Refund
v. Information in Form 61/61A where PAN could be populated
vi. Off Market Transactions Reported by Depository/ Registrar and Transfer Agent (RTA)
vii. Information about dividend of mutual fund reported by Registrar and Transfer Agent
 (RTA)
viii. Information about purchase of mutual fund reported by Registrar and Transfer Agent. (RTA)

Refer Official Notification:-

https://www.incometaxindia.gov.in/Lists/Latest%20News/Attachments/481/Order-us-285BB-ITAct-1961-MiscComm-26-10-21.pdf

NOTES:-

  • Form 26AS is a consolidated annual tax statement that shows the details of tax deducted at source, tax collected at source, advance tax paid by the assessee along with self-assessment tax.
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    CBDT notifies Rules for implementing the amendments made by the Taxation Laws(Amendment) Act, 2021

    The Taxation Laws (Amendment) Act, 2021 (2021 Act), inter-alia, amended the Income-tax Act, 1961 (Income-tax Act) so as to provide that no tax demand shall be raised in future on the basis of the amendment to section 9 of the Income-tax Act made vide Finance Act, 2012 for any offshore indirect transfer of Indian assets if the transaction was undertaken before 28th May, 2012 (i.e., the date on which the Finance Bill, 2012 received the assent of the President).

    The 2021 Act also provides that the demand raised for offshore indirect transfer of Indian assets made before 28th May, 2012 (including the validation of demand provided under Section 119 of the Finance Act 2012) shall be nullified on fulfillment of specified conditions such as withdrawal or furnishing of undertaking for withdrawal of pending litigation and furnishing of an undertaking to the effect that no claim for cost, damages, interest, etc. shall be filed and such other conditions are fulfilled as may be prescribed.  The amount paid/collected in these cases shall be refunded, without any interest, on fulfillment of the said conditions.

    The draft rules, to amend the Income-tax Rules, 1962, prescribing the specified conditions as referred above and providing the form and manner for furnishing of undertaking for withdrawal of pending litigation, claiming no cost, damages, interest, etc. were circulated in public domain on 28th August, 2021, inviting suggestions/comments from all stakeholders by the 4th of September, 2021.

    After examining the stakeholder comments and incorporating several suggestions contained therein, the rules for implementing the 2021 Act have been published in the Official Gazette vide Notification No. GSR 713(E) dated 1st October, 2021 wherein the following rules have been inserted to the Income-tax Rules, 1962:

  • Rule 11UE which provides for the specified conditions in order to be eligible to claim relief under 2021 Act; and
  • Rule 11UF which provides the form and manner of furnishing the undertaking for withdrawal of pending litigation, claiming no cost, damages, etc.
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    Central Government relaxes provisions of TDS u/s 194A (Interest other than Interest on securities) of the Income-tax Act, 1961

     No deduction of tax (TDS-Tax Deducted at Source) shall be made on the following payment under section 194A of the Act, namely payment in the nature of interest, other than interest on securities, made by a Scheduled Bank (hereinafter the ‘payer’) located in a specified area to a member of Scheduled Tribe  (hereinafter the ‘receiver’) residing in any specified area as referred to in s.10(26) (Refer Note 1) of the Act, subject to the following conditions:

  • The payer satisfies itself that the receiver is a member of Scheduled Tribe residing in any specified area, and the payment as referred above is accruing or arising to the receiver as referred to in section 10(26) of the Act, during the previous year relevant for the assessment year in which the payment is made, by obtaining necessary documentary evidences in support of the same;
  • The payer reports the above payment in the statements of deduction of tax as referred to in sub-section (3) of section 200 of the Act;
  • The payment made or aggregate of payments made during the previous year does not exceed twenty lakh rupees.
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