New Form 26AS introduced by CBDT

Key highlights: 1. It helps to e-file income tax returns quickly and correctly. 2. The new form required some additional details on taxpayers’ financial transactions. 3. This form will bring transparency and accountability in the tax administration. 4. SFTs will help the taxpayers to recall all their major financial transactions so that they have a ready reckoner to enable them while filing the ITR. 5. Information under different SFTs will be shown in the new Form 26AS which includes: • Cash deposit • withdrawal from saving bank accounts, • sale/purchase of immovable property, • time deposits, • credit card payments, • purchase of shares, • debentures, • foreign currency, • mutual funds, • buy back of shares, • cash payment for goods and services, etc. • banks, mutual funds, institutions issuing bonds and registrars or sub-registrars etc., with regard to individuals having high-value financial transactions 6. Form 26AS for any taxpayer, will display in part E of the Form, different fields such as, type of transaction, name of SFT filer, date of transaction, single/joint party transaction, number of parties, amount, mode of payment and remarks etc. Kindy note that: financial transactions will be shown in 26AS only if taxpayers cross the specified limit in a financial year.