Income Tax Department has rolled out new Form 26AS

NEW DELHI: Income Tax Department has rolled out new Form 26AS with an aim to assist Tax payers in filing quick and correct Income Tax Return (ITR). The new form will carry some additional details on taxpayers financial transactions as specified in the Statement of Financial Transactions (SFTs) in various categories.

The additional details will facilitate voluntary compliance, tax accountability and ease of e-filing of returns.

In a media statement, the Central Board of Direct Taxes has said that these SFTs will handhold the taxpayers while filing their ITR. It said, the new form will also calculate the correct tax liability based on these entries.

The new Form 26AS is expected to bring in further transparency and accountability in the tax administration.