What are the changes made in revised Form 26AS?

(NOW INCLUDE REAL ESTATE & SHARE TRANSACTION DETAILS ALSO)

WHAT IS 26AS?

• Form 26AS is an annual consolidated credit statement issued by the income tax to help assessees cross-verify income earned, tax deducted at source (TDS) and tax deposited during a given financial year.
• Form 26AS can be accessed from the income-tax website by taxpayers using their Permanent Account Number (PAN).

NEW 26AS FORM:

• New 26AS form now will provide much more comprehensive information of taxpayer in short it can be said that now it will provide complete profile of the taxpayer.
• To implement this, the Budget 2020-21 had introduced a new Section 285BB in the Income Tax Act.

Benefits of new 26AS:

• All the information/ details will be made available at one place. It seeks to provide much more comprehensive information regarding..

1. Taxes paid by a taxpayer,
2. Details of pending as well as completed income tax proceedings,
3. Status of income tax demand and refund
4. Details of specified financial transactions undertaken by taxpayer during a particular financial year such as share purchase and property purchase in a single form/ statement.

• It will assist the taxpayers to identify and take corrective action, in case any incorrect information/ detail is reported in Form 26AS.
• It will also assist tax authorities doing e-assessment and having no/ limited interaction with taxpayers, as tax authorities will be able to easily compare information available in Form 26AS vis-a-vis information reported by taxpayer in ITR and any mismatch may be easily flagged by the systems to tax authorities.

• It would also include information about financial transactions carried out by the taxpayer and would further ease the tax filing process as much of the information would be extracted from this only.

The revamped Form 26AS will become with effect from June, 2020 and will be known as Annual Information Statement as follows: