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CBDT notifies revised Form 26AS, to now include real estate, share transaction details

CBDT notifies revised Form 26AS, to now include real estate, share transaction details

The income tax department on Thursday notified the revised Form 26AS, containing details of tax collected or deducted at source which will now include information pertaining to property and share transactions.
With this, Form 26AS has now been revamped to an ‘Annual Information Statement’ which apart from the TDS/ TCS details, shall now contain comprehensive information relating specified financial transactions, payment of taxes, demand/ refund and pending/completed proceedings undertaken by a taxpayer in a particular financial year that has to be mentioned in the income tax returns.

To implement this, the Budget 2020-21 had introduced a new Section 285BB in the Income Tax Act. The revamped Form 26AS will now come into effect from June 1, the Central Board of Direct Taxes (CBDT) said.
Form 26AS is an annual consolidated tax statement that can be accessed from the income-tax website by taxpayers using their Permanent Account Number (PAN).

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