NEW DELHI, July 19: In a bid to prevent suppression of information by taxpayers, the income tax department will provide full details of their financial transactions such as sale and purchase of stocks, real estate transactions, payment details of credit card bills in the form of statement in the new Form 26AS.
The taxpayers tax passbook or the form 26AS contains details of taxpayer and compliance details along with other financial transactions. From this year, it's format has been changed to include specified financial transactions of taxpayers that will be presented on the form of Statement of Financial Transactions (SFTs).
These will include buying and selling of shares, real estate etc, making cash payments for purchase of bank drafts, pre-paid instruments by the Reserve Bank of India (such as mobile wallets), cash deposits in a financial year, payment of credit card bills (both cash or and other modes). Taxpayers' other details such as Aadhaar number, date of birth, mobile number, email ID and address will also be present in the new form.
A finance ministry statement said that the new Form 26AS is the faceless hand-holding of the taxpayers to e-file their income tax returns quickly and correctly. � IANS