IT Form 26AS
- July 22, 2020
- Posted by: OptimizeIAS Team
- Category: DPN Topics
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.
- 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.