CBDT to introduce improved Form 26AS from this assessment year

New Delhi, July 18 (KNN) From this Assessment Year, taxpayers will see an improved Form 26 AS which would carry some additional details on taxpayers’ financial transactions as specified Statement of Financial Transactions (SFTs) in various categories, said the Central Board of Direct Taxes (CBDT) on Saturday. 

“The new 26 AS form is faceless hand-holding of the taxpayers to e-file their income tax returns quickly and correctly,'' CBDT said in a statement.

“The information being received by the Income Tax Department from the filers of these specified SFTs is now being shown in Part E of Form 26AS to facilitate voluntary compliance, tax accountability and ease of e-filing of returns so that the same can be used by the taxpayer to file her or his income tax return (ITR) by calculating the correct tax liability in a feel-good environment,” CBDT added.

The earlier Form 26AS used to give information regarding tax deducted at source and tax collected at source relating to a PAN, besides certain additional information including details of other taxes paid, refunds and TDS defaults. But now, it will have SFTs to help the taxpayers recall all their major financial transactions so that they have a ready reckoner to enable them while filing the ITR.

New Form 26AS will show information like cash deposit/withdrawal from saving bank accounts, sale/purchase of immovable property, time deposits, credit card payments, purchase of shares, debentures, foreign currency, mutual funds, buyback of shares, cash payment for goods and services etc.