The Central Board of Indirect Taxes on 18th July 2020 has revised 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.
The Form 26AS would carry some additional details on taxpayers’ financial transactions as specified in the Statement of Financial Transactions (SFTs) in various categories. The earlier Form 26AS used to give information regarding tax deducted at source and tax collected at source relating to a PAN, 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.
Further it is stated that the Form 26AS for any taxpayer shall, from now onward, display in part E of the Form, different fields such as type of transaction, name of SFT filer, date of transaction, single/joint party transaction, number of parties, amount, mode of payment and remarks, etc.
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