Form 26AS contains details of tax deducted, tax paid and tax deposited along with some other taxable income, like interest on FD etc, on which tax has not been deducted.
To make the things easy for the assessees this year, the Central Board of Direct Taxes (CBDT) has notified a new 26AS, the form that contains details of tax deducted, tax paid and tax deposited along with some other taxable income, like interest on FD etc, on which tax has not been deducted.
The new Form 26AS is a comprehensive financial statement which apart from TDS and TCS also displays the financial transactions done during the year (above a certain limit) like share and mutual fund transactions, credit card bill payments etc
The new Form 26AS or ‘Annual Information Statement’ will have comprehensive information on taxes paid by you, details of pending and completed income tax proceedings, status of income tax demand and refund along with details of specified financial transactions like purchase of shares or property.
The move would simplify the ITR filing process as most of the related details would be fetched from this form. The taxman will also be able to verify details given in the ITR and process the return quickly.
“With all the information/ details available at one place, 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,” Nangia Andersen Consulting Chairman Rakesh Nangia said.