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Finance Ministry to introduce improved Form 26AS from this assessment year

Taxpayers will see a much improved and comprehensive Form 26AS statement this assessment year (AY) onwards, which will contain some additional details on taxpayers’ financial transactions as specified in the Statement of Financial Transactions (SFTs) in various categories, the finance ministry said. The earlier Form 26AS provided information regarding TDS and TCS credits, details of other taxes paid, tax refunds and TDS defaults. The revised 26AS will have SFTs to help the taxpayers reconcile all their major financial transactions so that they have a ready reckoner while filing the ITR. The revised Form 26AS is effective from June 1, 2020.

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