The Central Board of Direct Taxes of the country has made a major change to provide relief to the Income Tax payers. Now tax payers will also have to see Form 26AS (26AS) while filing the return for this assessment year. This form will contain additional details on financial transactions of taxpayers.
If you want to get detailed information about this form, then you can check the website of Income Tax Department with the help of your Permanent Account Number ie PAN Card. Explain that earlier Form 26AS used to have information on source deductions (TDS), additional tax, refunds, TDS defaults, but taxpayers can also view Statement of Financial Transactions.
This means that now taxpayers will also get to see the details of all major transactions in their Income Tax returns. According to information provided by the Central Board of Direct Taxes, Form 26AS will be effective from June 1, 2020.
CBDT stated that all information related to financial transactions can be seen in Part E of Form 26AS. With the help of this form, the taxpayers will have ease of voluntary compliance, tax accountability and filing of e-returns.