Form 26AS has now been updated to the Annual Statement of DataForm 26AS is an annual consolidated tax declaration that taxpayers may download from the revenue-tax website.
The income tax department today said that taxpayers will see an enhanced Form 26AS from this assessment year which would provide some additional information on financial transactions by taxpayers as defined Statement of Financial Transactions (SFTs) in different categories.
The Central Board of Direct Taxes (CBDT) said that, in addition to other additional information including details of certain taxes charged, refunds, and TDS defaults, Form 26AS relating to an earlier PAN was used to provide information about tax deducted at source and tax collected at source.
"But now there will be a Statement of Financial Transactions (SFTs) to help taxpayers remember all of their major financial transactions so that they can have a ready reckoner to allow them to do so when filing the ITR," he said.
Form 26AS is an annual condensed tax declaration that taxpayers can use their Permanent Account Number (PAN) to view from the income-tax website. Form 26AS has now been updated to an 'Annual Information Statement' which, apart from the specifics of the TDS / TCS, also includes detailed information on stated financial transactions, tax payments, demand/refund and pending / completed proceedings conducted by a taxpayer in a particular financial year to be included in the income tax return.
Further, incorporate this, a new section 285BB had been implemented in the Income Tax Act in Budget 2020-21. The new Form 26AS or 'Annual Report Statement' will contain detailed tax information payable by you, details of ongoing and concluded income tax proceedings, income tax claim status, and refund, along with details of stated financial transactions such as the purchase of shares or properties.