CBDT: Revised 26AS Form Will Applicable From June 2020

As per the recent update from the income tax department, the department has notified about the revised form 26AS which is mainly utilized for collection of the tax collected or basically tax deducted at source under which there will be details such as property and share transactions.

The revised form 26AS is now a detailed an comprehensive form having all the necessary information about the tax payments, financial transactions, demand a refund, and completed/pending proceeding of a particular FY by a taxpayer. All this has been along with the TCS/TDS details which are collected on a general basis makes it the annual information statement.

Also to assimilate it into the normalcy, the budget 2020-21 has now brought a fresh section 285BB in the income tax act and the revised form 26AS Steps to view and download the tax credit statement traces form 26AS. Also, we mention the difference between actual TDS & reflected TDS in Form 26AS. Read More is said to be coming into effect from 1st June as per the CBDT. For the uninitiated, the form 26AS is an annual consolidated form with tax statement which can be available from the income tax portal by the tax-paying individuals who are using their permanent account number.

As per a tax expert, With all the information/ details available at one place, it will also assist tax authorities doing e-assessment and having no/ limited interaction with taxpayers, as tax authorities will be able to easily compare the information available in Form 26AS vis-a-vis information reported by a taxpayer in ITR and any mismatch may be easily flagged by the systems to tax authorities.