On Thursday, the department of income tax has issued a revised form 26AS that features tax collected or deducted at source. The forms will now include information on real estate as well as share transactions.
So, with the change form 26AS now becomes an annual information system which other than TDS and TCS collected will now include all such information including specific financial transaction, payment of taxes, demand or refunds as well as completed or pending proceedings carried out by a taxpayer during a fiscal year.
For implementation of this, Budget 2020-21 introduced a new Section 285BB in the Income Tax Act.
And this new version of form 26AS will come into effect from June 1 as per the CBDT. It is a consolidated tax statement that can be accessed from the income tax website.