From HereOnwards, High Networth MF Transactions are To Be Disclosed in Form 26AS

To bring transparency in income tax returns, Central Board of Direct Taxes(CBDT) has increased the volume of the transactions reported in Form 26 AS

Tax Payers can access their Form 26AS statement using their Pan Number from the income tax website. From there, they have to verify the TDS/TCS Details, Tax Paid, Specified financial transactions at a glance and submit them after due verification.

Modi Government has introduced section 285BB to treat Form 26AS as “Annual Tax Payment Statment”. As per the recent amendment, Tax Payers have to disclose “Foreign Remittances, High Networth Mutual Fund Transactions” in Form 26AS.

“This details are to be included along with Tax Returns in order to bring fair and transparent tax policies”; CBDT added.

So from hereonwards, you should be ready to disclose all your mutual fund transactions and foreign remittances in Form 26AS. Be prepared for this!

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