New comprehensive I-T form to come in handy for taxman

New comprehensive I-T form to come in handy for taxman

Tax authorities will now have information regarding taxpayers’ transactions in stocks and property, along with other financial transactions, in any given year after the Central Board of Direct Taxes (CBDT) notified the new form 26AS — an annual information statement — on Thursday.

Details in the new document will include taxes paid by a taxpayer, details of pending as well as completed income tax proceedings, status of income tax demand and refund along with details of specified financial transactions undertaken by taxpayer during a particular financial year.

“With all the information/ details available at one place, it will assist tax authorities in e-assessment with none or limited interaction with taxpayers, as tax authorities will be able to easily compare information available in Form 26AS vis-a-vis information reported by taxpayer in income-tax return (ITR). Any mismatch may be easily flagged by the systems to tax authorities,” Rakesh Nangia, chairman, Nangia Andersen Consulting, said.