WHAT IS FORM 26AS?
Form 26AS is a consolidated annual information statement that includes information on tax deducted/collected at source, advance tax, Refund, self-assessment that is available on the Income Tax website against a taxpayer’s Permanent Account Number (PAN).
In May, the Income Tax Department notified the new annual information statement in Form 26AS, effective 1 June 2020. Going beyond the details of tax deducted or collected at source, the revised Form 26AS will reflect all details provided by banks and financial institutions, which were earlier recorded in their Statement of Financial Transactions (SFTs).
The department in its Press Release dated 18/07/2020 said that this will help honest taxpayers with updated financial transactions while filing their return of income whereas it will desist those taxpayers who inadvertently conceal financial transactions in their returns.