Income Tax Return Latest News: The Central Board of Direct Taxes (CBDT) on Saturday said that taxpayers, this assessment year (AY), will see an improved Form 26AS that would contain additional details on taxpayers’ financial transactions as specified Statement of Financial Transactions (SFTs) in various categories. Also Read - ITR: Income Tax Return Filing Deadline For FY 2019-20 Extended To Dec 31, Check Details

Earlier Form 26AS relating to a PAN used to give information regarding tax deducted at source and tax collected at source besides certain additional information including details of other taxes paid, refunds and TDS defaults. Also Read - Faceless Income Tax Appeals Launched by CBDT: Here's All You Need to Know

Now it will have Statement of Financial Transactions (SFTs) to help the taxpayers remind all her/his major financial transactions so that s/he has a ready reckoner to enable her/him while filing the ITR. Also Read - No Direction to CBDT to Issue Notice to Sharad Pawar on Poll Affidavits: Election Commission

The CBDT, in May, had informed that the revised Form 26AS  will be effective from June 1, 2020.

List of new details that will be mentioned under Part E of the revamped form 26AS:

Type of transaction

Number of parties

Amount

Mode of payment

Name of SFT filer

Date of transaction

Single/joint party transaction