11th Credit Card & eWallets Transaction are Now Added in Form 26 AS - 11th Bipartite Wage Settlement - Current Status & News

Breaking

Post Top Ad

Read in Hindi

Get 11th Bipartite Daily Updates, Enter your email address:

Tuesday, 23 June 2020

Credit Card & eWallets Transaction are Now Added in Form 26 AS

Income tax department has introduced a new format for Income Tax Form 26AS - As per the new format all the transactions including Stocks, Shares, Credit Cards, eWallets like PayTm, Ola Money, Phonepe etc. Mutual funds sale and purchase and much more are included. 

These changes were notified by the government via a notification dated May 28, 2020.

Checkout the New Changes incorporated in Form 26AS

  1. The new format will show your Aadhaar number, date of birth, mobile number, email ID and your address.
  2. Information related to specified financial transactions along with the details of tax deducted from various income sources such as salary, interest etc.
  3. Deposited against your PAN including cash during the financial year, the revised form will also have information related to specified financial transactions.
  4. These include buying and selling of shares, real estate etc., making cash payments for purchase of bank drafts, pre-paid instruments like Paytm, Google Pay, Ola Money, PhonePe, Jio Money and other eWallets.
  5. Cash deposits in a financial year, payment of credit card bills (both cash or and other modes).
The revised Form 26AS will show the specified financial transactions from June 1, 2020 onward, but the transaction with excess of specified limit will be shown in the 26AS as like
  1. if the aggregate credit card bill paid via electronic modes (not including the cash payment) exceeds Rs 10 lakh, then payment of credit card bill will be reflected in Form 26AS.
  2.  Similarly, if the mutual fund investments in a financial year exceeds Rs 10 lakh, only then such transactions will be reflected in the Form 26AS.

List of specified financial transactions that will be shown in Form 26AS

Cash Transactions

Nature of Transaction Value of Transaction Reporting Person
Cash payment for purchase of bank drafts or pay orders or banker’s cheque. If aggregate payment is Rs 10 lakh or more in a financial year. Bank or Co-op. Bank
Cash payment for purchase of pre-paid instruments issued by the RBI like eWallets Paytm, Ola Money etc. If aggregate payment is Rs 10 lakh or more in a financial year Bank or Co-op. Bank
Cash deposits in one or more current account of a person If aggregate amount is Rs 50 lakh or more in a financial year Bank or Co-op. Bank
Cash withdrawals (including through bearer's cheque) from one or more current account of a person If aggregate amount is Rs 50 lakh or more in a financial year Bank or Co-op. Bank
Cash deposits in one or more accounts (other than current account and time deposit) of a person If aggregate amount is Rs 10 lakh or more in a financial year Bank or Co-op. Bank, Post Master General
Receipt of cash payment for sale, by any person, of goods or services of any nature, not being a transaction whose specific reporting is otherwise required If amount is more than Rs 2 lakh Any person who is liable for tax audit under Section 44AB

Credit Cards

Nature of Transaction Value of Transaction Reporting Person
Payment in cash for one or more credit cards issued to that person If aggregate payment is Rs 1 lakh or more in a financial year Bank or Co-op. Bank or any other company or institution issuing credit card
Payment in any mode (other than cash) for one or more credit cards issued to that person If aggregate payment is Rs 10 lakh or more in a financial year Bank or Co-op. Bank or any other company or institution issuing credit card

Investments

Nature of Transaction Value of Transaction Reporting Person
One or more-time deposits (other than a time deposit made through renewal of another time deposit) of a person If aggregate amount is Rs 10 lakh or more in a financial year Bank or Co-op. bank, Post Master General, Nidhi Companies, NBFCs
Receipt from any person for acquiring bonds or debentures issued by the company or institution (other than the amount received on account of renewal of the bond or debenture issued by that company) If aggregate amount is Rs 10 lakh or more in a financial year A company or institution issuing bonds or debentures
Receipt from any person for acquiring shares (including share application money) issued by the company If aggregate amount is Rs 10 lakh or more in a financial year A company issuing shares
Buy back of shares from any person (other than the shares bought in the open market) If aggregate amount is Rs 10 lakh or more in a financial year A company listed on a recognized stock exchange purchasing its own securities
Receipt from any person for acquiring units of one or more schemes of a Mutual Fund (other than the amount received on account of transfer from one scheme to another scheme of that Mutual Fund) If aggregate amount is Rs 10 lakh or more in a financial year A trustee of a Mutual Fund or such other authorized person managing the affairs of Mutual Fund
Purchase or sale by any person of immovable property If transaction value or valuation by Stamp Valuation Authority is Rs 30 lakh or more Inspector-General or Registrar or Sub-Registrar under the Registration Act, 1908

Foreign Currency Transactions

Nature of Transaction Value of Transaction Reporting Person
Receipt from any person for sale of foreign currency including credit of such currency to foreign exchange card If aggregate amount is Rs 10 lakh or more in a financial year Authorised Dealer, Money Changer, Offshore Banking Unit, Any other person authorized to deal in foreign exchange or foreign securities
Expense in foreign currency through a debit or credit card or through issue of Travelers Cheque or Draft or any other instrument. Aggregating to Rs 10 lakh or more in a financial year. Authorised Dealer, Money Changer, Offshore Banking Unit, Any other person authorized to deal in foreign exchange or foreign securities

Information related to Income Tax Proceeds


Other than this you can now check the status of any income tax proceedings, you are involved in your Form 26AS. 

No comments:

Post a comment

Get 11th Bipartite Daily Updates, Enter your email address:

Join 11th BPS Group

 
11th Bipartite Settlement
Private group · 15,731 members
Join Group
Discussion on 11th Bipartite Wage Settlement for public sector's bank employees. Join this group for latest updates.
 

Followers

Post Top Ad