IT Form 26AS

Subject: Economy

Context:

Income Tax Department has launched a revised Form 26AS or Annual Information Statement from this assessment year, which will reflect details of all high-value transactions.

Concept:

• Form 26AS is a consolidated annual tax statement that includes information on tax deducted/collected at source, advance tax, self-assessment that is available on the Income Tax website against a taxpayer’s Permanent Account Number (PAN).
• It will enhance the flow of information between taxpayers and tax authorities
• Earlier tax department receives information from financial institutions and then acting upon it, there would now be a greater onus on taxpayers to comply in a voluntary manner.