ITR filing for AY 2020-21: What is new and benefits thereof in Form 26AS? EXPLAINED!

ITR filing for AY 2020-21: A salaried individual is well aware about the Form 26AS because it verifies the details of tax deducted by the recruiter.

ITR filing for AY 2020-21: After the introduction of new Form 26AS, the taxpayers are apprehensive about its impact but if we go by the tax and investment experts, it is good for the public. Photo: Pixabay

ITR filing for AY 2020-21: A salaried individual is well aware about the Form 26AS because it verifies the details of tax deducted by the recruiter. Similarly, for pensioners and retired individuals, this form gives details about the tax deducted by banks. In short, Form 26AS gives details about all taxes being deducted from our income. However, after the introduction of new Form 26AS, the taxpayers are apprehensive about its impact but if we go by the tax and investment experts, it is good for the public.

Highlighting the benefits of new Form 26AS during the ITR filing for assessment year 2020-21, Balwant Jain, a Mumbai-based tax and investment expert said, "Till now personal details like your PAN, name and address were provided. Nowadays the Income Tax Department sends all communication through SMS and emails. In order to ensure that we do not miss any communication, it is necessary to keep the email address and mobile numbers up-to-date. Many a time we change our mobile SIM or start using new email without ever realising that the same needs to be updated with tax departments. In order to make you aware about the email IDs and mobile number registered with the tax department, the same shall be provided under the new 26AS Form. This will help you update your personal details with the tax department in case it has not been updated. Additionally, your date of birth shall also be made available."

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Jain went on to add that the details of taxes paid by you, whether advance tax or self assessment tax, are made available to you. This helps you in verifying whether your employer, bank or the payer of the tax has in fact deposited the tax with the government. "In case the same is not available in the Form No. 26AS, you can take up the matter with payers. This not only helps in verifying whether a particular tax has been paid or not, but also helps you find out in case any of your invoices has not been entered by your customer or client on which tax is required to be deducted."

Speaking on how the new Form 26As will help a taxpayer to get details of pending income tax proceedings, Manikaran Singhal, a SEBI registered tax and investment expert said, "The new Form 26As will also provide details of all pending income tax proceedings with the Income Tax Department. The details provided will also include the details of proceedings which have been completed during the year." Singhal said that such information will help taxpayers remain updated about the appeals etc. lying pending at various levels.

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