- Form 26AS is an annual consolidated tax statement
- Revised Form 26AS will come into effect from Monday (June 1)
- Revamped Form 26AS to provide more comprehensive information regarding taxes paid by a taxpayer
New Delhi: The income tax department notified the revised Form 26AS this week. Note that Finance Minister Nirmala Sitharaman in her Budget 2020 speech proposed to introduce a new Section 285BB which will require the tax department to provide a comprehensive annual information statement for all the financial transactions done by a taxpayer in a particular financial year that needs to be mentioned in the ITR.
What is Form 26AS:
This is a tax credit statement against a PAN. It contains details of tax deducted on income by the deductor, details of…