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MF Dividends, Off-Mkt Deals to be in Form 26AS

Off market transactions and dividends from mutual funds will be made available in Form 26AS, as the government seeks additional information from third parties related to taxpayer’s transactions.

The Central Board of Direct Taxes (CBDT) has mandated that information of eight more categories will be provided in the Form 26AS, including foreign remittance made by any person, breakup of the salary with deductions claimed by the employee, information published in statement of financial transactions and off market transactions reported by depository, registrar and transfer agent. It said in an order issued Wednesday that the Director General of Income Tax (Systems) has been authorized to upload the information in Form 26AS, and to lay down procedures, formats and standards for third parties to provide information regarding taxpayers.

“CBDT by order authorizes the DGIT (Systems) to upload prescribed information in the Annual Information Statement in Form 26AS in assesses electronic filing account on the designated portal; the information is required to be uploaded within three months from the end of the month in which the information is which the information is received,” the Board said in the order.

The order aims to lower tax avoidance while providing more information in the hands of tax officers for making better assessments, said experts.

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