The form 26 AS is actually an annual statement that illustrates details of taxpayers. This document includes TDS, TCS, and advance taxes along with self-assessment tax that is being paid for a particular assessment year. The year 2020 budget had announced the entire revamping of Form 26 AS for inclusion of information about varied financial transactions. Thus CBDT (Central Board of Direct Taxes) has already notified the replacement of old form with revised Form 26 AS from June 1st, 2020. The newly introduced and revised form is a detailed and highly comprehensive form that comprises of all crucial information. It includes data about tax payments and financial transactions. Apart from that, it reflects demands, refund and all completed or pending procedures of a specific financial year by the taxpayer. There is also an inclusion of TDS/ TCS details.. All this turns out to be an annual information statement.
The revised form 26 AS (Annual Information Statement) includes data listed below:
- Tax being deducted and collected at source
- Comprehensive details of financial transactions
- Income tax payments
- Tax demands as well as refunds
- Completed or pending income tax procedures
- Any other information in relation to sub-rule (2) of rule 114-I
With all comprehensive information and details available, this document assists the tax authorities to conduct an online assessment as it has no or limited interaction with taxpayers. New Form 26AS also include some basic information like Aadhar, Date of Birth, Mobile No, Email Id
It also helps authorities to compare information that is listed in Form 26 AS to the one that is reported in ITR by taxpayers. In case of any mismatch found, it can easily be spotted and flagged.
This revised form is also in full compliance with the budget announcement. This is being done for facilitating compliance and correcting payment of taxes.
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For details click on: https://www.incometaxindia.gov.in/communications/notification/notification_30_2020.pdf