Informations contained in Form 26AS for a tax payer

 A taxpayer can view the following information in Form 26AS:

Details in Form 26AS

  • Details of tax deducted on behalf of the tax payer by deductors
  • Details of tax collected on behalf of the tax payer by collectors
  • Advance tax / self-assessment tax / regular assessment tax etc. deposited by the tax payers (PAN holders)
  • Refund received during the financial year
  • Details of following transactions done by you  (as reported by AIR filer)
    • Cash deposits in saving account  (Rs. 10 lakh and above)
    • Credit card bills (Rs. 2 lakh and above)
    • Mutual Fund purchase (Rs. 2 lakh and above)
    • Purchase of bonds/debentures (Rs. 5 lakh and above)
    • Purchase of shares of a company (Rs. 1 lakh and above)
    • Purchase of immovable property (Rs. 30 lakh and above)
    • Sale of immovable property (Rs. 30 lakh and above)
    • Purchase of RBI bonds (Rs. 5 lakh and above)
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Assets details mandatory in Income Tax Return A.Y. 13-14

The major change in ITR forms for Financial year 2012-13 is that now you have to provide your all personal assets details (other than involved in your business) and liabilities related to such assets .This details are required to be filled in ITR-3 as well as in ITR-4. However it is not required to filled in ITR-1 and ITR-2 .

ITR -3 is required to be filled by Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship.

ITR-4 is required to be filled by individuals and HUFs having income from a proprietary business or profession.

So basically ,if you fulfill two condition as given below ,then you have to fill all your personal Plus business assets /Liabilities details in Income Tax return.

1.  First condition to fill all assets details in ITR forms in AY 2013-14 is that person (individual/HUF) is earning income under the Head of Business and profession.(person is required to fill ITR-3 or ITR-4)

2. Second condition is that total income is more than 25 lakh in ay 2013-14.

Second condition may provide relief for many but for Higher income group personal assets details is now must in Income tax return form ITR-3 and ITR-4.The basic intention of CBDT is here to get information about assets of HNI (High Net Worth Investors).

A new schedule AL(assets /liabilities) has been added in ITR-3 as welll as in ITR-4 .As per New schedule A/L following details is to be provided.

Particulars of Asset ,

1. Immovable Asset

  •     Land
  •     Building

2. Movable Asset

 a. Financial Asset

i) Deposits in Bank (including balance in any account)

ii) Shares and securities

iii) Insurance policies

 iv) Loans and Advances given

 v) Cash in hand

 b. Jewellery, bullion etc.

c. Archaeological collections, drawings, painting, sculpture or any work of art

d. Vehicles, yachts, boats and aircrafts

3. Liability in relation to Assets

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Income Tax Return – Due Date A.Y. 2013-14

As per the provisions of section 139 of the Income Tax Act, 1961 the due dates for filing of returns of income for different category of assessees are given as under:

Income Tax Return Due Date AY 2013-14

Sl no.

 Particulars

Due date

1.

For such corporate assessees which is required to furnish a report u/s 92E of the Income Tax Act, 1961

30.11.2013

2.

For all  other Corporate assessees

30.09.2013

3.

For non corporate assessees, (Like Partnership Firm ,prop Firm) whose accounts are required to be audited under Income tax act

(Like 44AB turnover is more than 100 lakh in case of business and 25 lakh in case of profession- section 44AB and Business where disclosed profit is less than 8% of the turnover -Section 44AD)
(year wise audit limit 44AB is available here)
or any other act for the time being in force.


30.09.2013

4.

For working partners of Partnership firms covered under sr no (3) above

30.09.2013

5.

For any other assessees Like Salaried Income ,Person having Income from House property ,Interest income , Business Income where accounts are not required to be audited .

31.07.2013

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