New 26AS form to make it easier to file ITR

The Central Board of Direct Taxes (CBDT) has said that through the new 26AS form, income tax payers will be able to file their income tax returns more easily and accurately. The new 26AS form will be available to taxpayers from this assessment year, which will have additional information about the taxpayer’s financial transactions, which are mentioned in the Financial Transactions (SFTs) of various categories.

Information received from these SFTs by the Income Tax Department is shown in Part E of Form 26AS. CBDT spokesman Surbhi Ahluwalia said, “This will enable taxpayers to calculate their tax properly and they will feel good.” This will bring transparency in tax administration and increase accountability.

Earlier, in Form 26AS, there was some tax information other than TDS and TCS linked to a PAN card. But now it will have SFT, so that taxpayers will be able to remember all the big financial transactions and it will be easier to file tax.

Information about cash deposits, cash withdrawals, movable-real estate sales, credit card payments, purchase of shares, mutual funds, share buybacks, cash payments for goods and services, etc. to the income tax department. Banks, mutual funds, bond issuing institutions Financial registers worth more than 2016 are being received from registrars, etc. Now all this information will appear in Form 26AS.

Part E of Form 26AS will provide complete details of transaction type, SFT filler name, transaction date, amount, mode of payment etc. Ahluwalia said, “This will make it easier for honest taxpayers to file, so those who hide information while filing those returns can be prevented from doing so.”