New Form 26AS

• July 24, 2020
• CA Chandan Agarwal's Office

1. CONCEPT OF FORM 26AS

Form 26AS is the consolidated annual tax credit statement issued by income tax department. It  contain information about tax deducted by employer, banks and other persons, tax collected on sale made to buyer, refund given, self-assessment tax and advance tax taxes paid, details of high value transactions and TDS defaults.

2. FORM 26AS REVISED IN BUDGET 2020

With the advancement in technology and enhancement in the capacity of system multiple information in respect of person such as sale/purchase of immovable property, share transactions etc. are being captured. In Budget 2020 it was proposed to introduce Form 26AS in new format containing more information of tax payer at one place so that same can be used by tax payer for filing return of income and calculating correct tax liability. The amendment shall be effective from 1^st June 2020.

Read more on: https://taxguru.in/chartered-accountant/form-26as.html