Form 26AS is an annual statement stating the tax payment details including TDS, TCS, advance tax and self-assessment tax paid for an assessment year. The Budget 2020 announced of revamping the Form 26AS to include data about various financial transactions of a taxpayer. Hence, the Central Board of Direct Taxes (CBDT) has notified a new Form 26AS from 1 June 2020 replacing the earlier Form 26AS.
Form 26AS provides information for a particular financial year. The new Form 26AS seeks to provide data on the following:
- Tax deducted at source and tax collected at source
- Details of specified financial transactions
- Income tax payments
- Tax demands and tax refunds
- Pending and completed income tax proceedings
The data or information is aggregated based on the PAN of a taxpayer.
Also Read: Taxation of dividend income received on or after 1 April 2020 (FY 2020-21)
A taxpayer can obtain the Form 26AS for any financial year from their income tax login in the e-filing portal.
The government is yet to notify or clarify the specified financial transactions reportable in the new Form 26AS. The new form is in line with the budget announcement to facilitate compliance and correct payment of taxes.
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I am a Chartered Accountant by profession. I specialise in personal taxes and corporate income tax matters. I am an avid reader and track developments in financial markets, economy and other market developments.