CBDT has recently brought out the new form 26AS for ease of filing of Income Tax Returns (ITRs) by taxpayers. Now it will have Statement of Financial Transactions (SFTs) to help the taxpayers recall all their major financial transactions so that they have a ready reckoner to enable them while filing the ITR.
The earlier Form 26AS used to give information regarding tax deducted at source (TDS) and tax collected at source (TCS) relating to a PAN besides certain additional information including details of other taxes paid, refunds and TDS defaults. Now, it will have Statement of Financial Transactions (SFTs) in Part E of 26AS. The New Form 26AS will now show information like cash deposit/withdrawal from saving bank accounts, sale/purchase of immovable property, time deposits, credit card payments, purchase of shares, debentures, foreign currency, mutual funds, buyback of shares, cash payment for goods and services, etc.T SFT transactions details would include information such as type of transaction, name of SFT filer, date of transaction, single/joint party transaction, number of parties, amount, mode of payment and remarks etc.
The full circular by CBDT is as below:
[gview file=”https://www.ideationadvisory.in/files/EdMcsx-U0AEHV1J-converted.pdf”]
Source: CBDT