Now 26 AS provide comprehensive details of taxpayer’s related to Cash Deposit or Withdrawn, Credit Card payment, foreign currency & Shares Purchase and sells etc.
The New form of 26 AS helps to taxpayer to file Return of Income Tax quickly and correctly, From this Assessment Year, taxpayers will see an improved Form 26AS. This form carries some additional details of financial transactions of taxpayers. It is stated that the information being received by the Income Tax Department from the filers of these specified SFTs is now being shown in Part- E of Form 26AS
New 26 AS form will provide complete financial information namely as per specified limit of special financial transaction (SFT) It will have SFT’s to help the taxpayers recall all their major financial transactions so that they have a ready reckoner to enable them while filing the ITR.
It is further explained that the Department used to receive information like cash deposit/withdrawal, sale/purchase of immovable property, time deposits, credit card payments, purchase of shares, debentures, foreign currency, mutual funds, buy back of shares, cash payment for goods and services, etc. under Section 285BA of Income-tax Act, 1961 from “specified persons” like banks, mutual funds, institutions issuing bonds and registrars or sub-registrars etc., with regard to individuals having high-value financial transactions since the Financial Year 2016 onwards. Now, all such information under different SFTs will be shown in the new Form 26AS.