{"id":3724,"date":"2020-11-26T20:31:10","date_gmt":"2020-11-26T15:01:10","guid":{"rendered":"https:\/\/www.finsafe.in\/financial-wellness\/?page_id=3724"},"modified":"2022-11-18T12:45:37","modified_gmt":"2022-11-18T07:15:37","slug":"sep-2020-monthly-updates","status":"publish","type":"page","link":"https:\/\/www.finsafe.in\/financial-wellness\/sep-2020-monthly-updates\/","title":{"rendered":"monthly updates"},"content":{"rendered":"\t\t
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11) In Aug 2020, expenses more than a specified limit on hotels, life insurance premiums, property tax, etc would now be reported in the new Form 26AS. Also faceless assessment of Income Tax returns has been introduced. <\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Particulars<\/td>\nOld<\/td>\nNew<\/td>\n<\/tr>\n
Taxation on expenses<\/td>\n\n
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  • Expenses on hotels, life insurance premiums, health insurance premiums, property tax, electricity bill etc. were not reported or visible in Form 26AS<\/li>\n<\/ul>\n<\/td>\n
The below expenses would now be reported inForm 26AS\n
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  • More than Rs 20,000\/- as hotel expenses<\/li>\n \t
  • More than Rs 20,000\/- as property tax<\/li>\n \t
  • More than Rs 20,000\/- as health insurance premiums<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
Faceless Assessment<\/td>\n\n
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  • Income tax returns would be scrutinised and notices sent to cases where there are discrepancies.<\/li>\n<\/ul>\n<\/td>\n
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  • From Aug 13, 2020, under faceless scrutiny assessment, a central computer randomly picks up returns for scrutiny and allotted to a team of officers for scrutiny.<\/li>\n \t
  • Notice is sent for these randomly selected cases in case of any discrepancy and such notices need to be responded to electronically.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n