Income Tax Return Latest News: CBDT Introduces Improved Form 26AS From This Year | List of Changes Here

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Income Tax Return Latest News: CBDT Introduces Improved Form 26AS From This Year | List of Changes Here
Income Tax Return Latest News: CBDT Introduces Improved Form 26AS From This Year | List of Changes Here

“”The new form is a faceless handholding of taxpayers, to help them with updated financial transactions, so as to facilitate voluntary compliance and easy e-filing”, the CBDT said.”

Income Tax Return Latest News: The Central Board of Direct Taxes (CBDT) on Saturday said that taxpayers, this assessment year (AY), will see an improved Form 26AS that would contain additional details on taxpayers’ financial transactions as specified Statement of Financial Transactions (SFTs) in various categories. Also Read – Govt Not Considering Merger of CBDT, CBIC: Ministry of Finance

Earlier Form 26AS relating to a PAN used to give information regarding tax deducted at source and tax collected at source besides certain additional information including details of other taxes paid, refunds and TDS defaults. Also Read – Govt Extends Deadline to Link Aadhaar With PAN Till March 31, 2021 | Details Here

Now it will have Statement of Financial Transactions (SFTs) to help the taxpayers remind all her/his major financial transactions so that s/he has a ready reckoner to enable her/him while filing the ITR. Also Read – ‘FORCE’ Tax Hike Report: CBDT Chargesheets Three IRS Officers For ‘Creating Panic’

Source:- https://www.india.com/business/income-tax-return-latest-news-cbdt-introduces-improved-form-26as-from-this-year-list-of-changes-here-4088378/

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