Income tax department changes form 26AS, taxpayers will get this benefit

New Delhi From this year the Income Tax Department has made a big change in Form 26AS. Now, in this form, taxpayers will be informed about all major financial transactions done by them. This form will facilitate voluntary compliance and submission of income tax returns in electronic form. Form 26AS is an annual integrated tax account.

Income tax payers can access this through their permanent account number (PAN) through the website of the Income Tax Department. Earlier, Form 26AS contained details of a single PAN deducted at source and collection of tax at source, besides additional information such as payment of other taxes, refunds and TDS defaults.

The CBDT said that the department had to pay cash deposits from savings accounts, purchase of immovable properties, credit card payments, purchase of lions, debentures, foreign exchange, mutual funds, cash payments for goods and services from FY 2015-16. Information about etc. is being received from banks, mutual fund companies, bond issuing institutions and registrars. The department said that now all these information will be available in the new Form 26AS. The CBDT said that these information related to Special Financial Transaction Accounts (SFT) will now appear in Part E of Form 26AS. This will ensure voluntary compliance, tax accountability and ease of filing e-returns.

Form 26AS is very useful
According to CBDT, this is the taxpayer’s annual tax statement. Taxpayers can remove it from the income tax department website with the help of their PAN number. If someone has paid tax on his income or any person / institution has deducted tax on his earnings, then the taxpayer also gets a mention of it in Form 26AS.

How to download form 26AS
Form 26AS can be downloaded from the website of Traces. To download Form 26AS, log on to the Income Tax Filing website. In the My Account section, click on the View Form 26AS (Tax Credit) tab. After this, you will reach the website of traces. Here you can download the statement after entering the assessment year. The taxpayer’s birthday is used as a password to open Form 26AS.

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