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Form 26AS has now been revamped to an Annual Information Statement.
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Form 26AS is an annual consolidated tax statement that can be accessed from the income-tax website by taxpayers.
The income tax department today said that from this assessment year, taxpayers will see an improved Form 26AS which would carry some additional details on taxpayers financial transactions as specified Statement of Financial Transactions (SFTs) in various categories.
The Central Board of Direct Taxes (CBDT) said the Form 26AS relating to a PAN earlier used to give information regarding tax deducted at source and tax collected at source besides certain additional information including details of other taxes paid, refunds and TDS defaults.
“But now it will have Statement of Financial Transactions (SFTs) to help the taxpayers remind all her/his major financial transactions so that s/he has a ready reckon er to enable her/him while filing the ITR,” it said.
Form 26AS is an annual consolidated tax statement that can be accessed from the income-tax website by taxpayers using their Permanent Account Number (PAN).
Form 26AS has now been revamped to an ‘Annual Information Statement’ which apart from the TDS/ TCS details, shall now contain comprehensive information relating specified financial transactions, payment of taxes, demand/ refund and pending/completed proceedings undertaken by a taxpayer in a particular financial year that has to be mentioned in the income tax returns.
To implement this, the Budget 2020-21 had introduced a new Section 285BB in the Income Tax Act.
The new Form 26AS or ‘Annual Information Statement’ will have comprehensive information on taxes paid by you, details of pending and completed income tax proceedings, status of income tax demand and refund along with details of specified financial transactions like purchase of shares or property.
