INCOME TAX DEPT ADDS NEW FEATURES IN 26AS FORM TO

HELP TAXPAYERS

The new variant of 26AS Form will have taxpayers' details as specified statements
of financial transactions (SFTs) in various categories

The Income Tax department has added new features in 26AS Form to help taxpayers in
filing returns.

The new features include information on high value financial transactions of assessees
such as credit card payments, purchase of shares, debentures and mutual funds, cash payment
for goods and services.

The new variant of 26AS Form will have

taxpayers' details as specified statements of financial
transactions (SFTs) in various categories.

This Form is an annual consolidated tax

statement that one can access from the income-tax
department's website using permanent account number
(PAN). One can refer to this form for the details of
high value expenditure and taxes paid.

The Central Board of Direct Taxes (CBDT) said

that the Form 26AS 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.

Now, the Form will also have information on the

new heads cited above, besides cash deposit or
withdrawal from saving bank accounts, fixed deposits,
sale, purchase of immovable property, buy back of
shares.

 
 CBDT said this would help the honest taxpayers with update financial transactions
while filing their returns, whereas it will desist those who inadvertently practice concealing of
financial transactions.