New Form 26AS – The Game-Changer In Income-Tax
IMPLICATIONS TO ASSESSEES AND PROFESSIONALS IN THE FACELESS SCENARIO
It seems to be a human trait not to divulge financial information to anybody outside their inner-circle.The experience of many tax professionals has been that similar restraint is observed by clients even in their consultations in tax affairs. Such withholding of information would result in avoidable embarrassment in tax matters, both for the assessee ad his advisor.
Coming to Form.26AS, it was introduced as a convenient Tax Ledger for the assessee and has removed the hassles of filing physical Certificates of Tax Deduction Certificates for assessees. By its name, it has been a ‘Tax Credit Certificate’. With the Income Tax Department’s (ITD) proactive steps to track and trace numerous financial transactions across the economy, the width and depth of the data-capturing has permeated into many sectors including Banks, Mutual Fund Companies, Registration Departments of State Governments and Motor Vehicle Registration Authorities, since the introduction of Annual Information Report in 2013.
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