New form of 26AS for investment transactions | Fusion - WeRIndia

To ease the tax return process and make income tax assessment simpler, the income tax (IT) department has refurbished Form 26AS to an ‘Annual Information Statement’.

The new form is intended to include real estate and share trading related transactions in detail.

Form 26AS is an annual consolidated credit statement issued by the income tax. This form helps income taxpayers cross-check income earned, tax deducted at source (TDS) and tax deposited in a given financial year.

The IT department has introduced a new form of 26AS. This new form will contain complete information related to certain financial transactions, payment of taxes etc. That means the details of pending and completed income tax proceedings and the taxes paid by the assessees will be visible in it.

Besides, demand or refund and pending or completed proceedings undertaken by a taxpayer in a specific financial year have to be mentioned in the ITR. In other words, the status of income tax refund and other financial transactions such as the purchase of properties or shares appear in this form.

The IT department says that new form will come into effect from June 1 as announced in the Union Budget.

After that, the taxpayers will be able to access their consolidated statement from e-filing portal of the income tax using their PAN cards.

Since most of the financial details would be obtained from this form, the filing of ITR process will be simple. This helps taxpayers verify their details easily and complete process of returns filing quickly.

Moreover, the form will also help the tax authorities in the assessment as all details are available at a single place. This minimizes their interaction with taxpayers.

The authorities can easily compare information in the form and will contact only if any mismatch is found.

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