Income Tax dept adds new features in 26AS Form to help taxpayers

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.