Income Tax Department rolls out new Form 26AS

The Income Tax Department has reported the new Form 26AS would have additional details of taxpayers’ high-value financial transactions undertaken during a financial year and would facilitate voluntary compliance and ease of e-filing of I-T returns.

Daily Current Affairs Quiz 2020

Key-Points

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).

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, Form 26AS has been revamped to an ‘Annual Information Statement’ which will carry additional details on taxpayers financial transactions as specified in the Statement of Financial Transactions (SFTs) in various categories.

This will help the taxpayers recall all their major financial transactions so that they have a ready reckoner to enable them while filing the ITR. This will facilitate voluntary compliance, tax accountability and ease of e-filing of returns.