New Form 26AS: Tax department says now it knows more about you

CBDT said the revised form will display different fields such as type of transaction, name of the reporting entity, date of transaction, whether it was a single or joint party transaction, number of parties, amount, mode of payment and remarks by the department.

The tax authority has been collecting information about high value transactions in the economy including bank transactions, sale or purchase of immovable property, credit card payments, purchase of shares, debentures, foreign currency, mutual funds, buy back of shares and cash payment for goods and services. These details were collected from entities like banks, mutual funds and institutions issuing bonds. Now, all such information will be shown in the new Form 26AS.

This would help honest taxpayers with updated financial transactions while filing their returns, CBDT said. It will also discourage concealment of these transaction in the tax returns.