ITR Filing: Income Tax department expands Form 26AS, here is all you need to know
Zee News
This information would be auto populated in the Form 26AS when the taxpayer is filing income tax return.
New Delhi: In a bid to prevent suppression of information by taxpayers, the Income Tax department will now provide full details of their financial transactions such as foreign remittances, purchase and receipt of dividend on mutual funds and other off-market transactions reported by depositories in Form 26AS.
This information would be auto populated in the Form 26AS when the taxpayer is filing income tax return.
The additional information prescribed by Central Board of Direct Taxes (CBDT) makes the new income tax return form heavier in content as last year it was decided that form 26AS will provide details of taxpayers' financial transactions such as sale and purchase of stocks, real estate transactions, payment details of credit card bills etc. (Also read: Salaried people using ITR-1 SAHAJ should keep these 9 documents ready, get checklist here)
