Central Board of Direct Taxes(CBDT) vide their letter dated 18 th July 20 has informed that existing form 26AS will carry additional details of high-value transactions as part of the Statement of Financial Transactions(SFTs).

Existing form 26AS carries the following information

  • The tax which has been deducted at source (TDS) like it is being deducted from your salary
  • The tax which you need to deposit during the sale/purchase of property

New form 26AS will have a new section, sec E which will capture  additional high-value transactions as per the following details

  • Fixed Deposit in Bank (FDs in all banks) > 10 lakh in a financial year
  • Credit card bills > 10 lakh in a financial year if paid through cheque and one lakh if paid through cash
  • Purchase of bonds > 10 lakh in a financial year
  • Purchase of shares > 10 lakh in a financial year
  • Purchase of Mutual funds > 10 lakh in a financial year
  • Purchase of Forex > 10 lakh in a financial year
  • Purchase of Bank Drafts > 10 lakh in a financial year
  • Purchase of real estate > 30 lakh in a financial year
  • Deposit of cash in the bank (savings account) > 10 lakh in a financial year
  • Cash deposit/withdrawal from current account > 50 lakh in a financial year

These details have already been updated for AY 2019-20 and details for AY 20-21 are yet to be updated.

Implications

  • For honest taxpayers, there is no cause of worry. In fact, it would remind them of all their high-value transactions at one single place before filling ITR
  • People doing above mentioned transactions and not showing commensurate income will find it difficult to justify.

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