The Central Board of Direct Taxes (CBDT) on Saturday said the improved form 26AS, which will give a more comprehensive statement of transactions done by a taxpayer, will “facilitate voluntary compliance, tax accountability and ease of e-filing of returns”.

“The earlier Form 26AS used to give information regarding tax deducted at source and tax collected at source relating to a PAN, besides certain additional information, including details of other taxes paid, refunds and TDS defaults.

“But now, it will have the provision to help the taxpayers recall all their major financial transactions so that they have a ready reckoner to enable them while filing the ITR,” the CBDT said.

Details of the transactions are reported to the tax authority by various financial and other institutions.

With this, Form 26AS has been revamped to an “annual information statement” which apart from the TDS/TCS details, shall now contain comprehensive information relating to specified financial transactions, payment of taxes, demand/refund and pending/completed proceedings undertaken by a taxpayer in a particular financial year that has to be mentioned in the income tax returns.

CBDT said the department used to receive information such as cash deposit/withdrawal from saving accounts, sale/purchase of immovable property, credit card payments, purchase of shares, debentures, foreign currency, mutual funds, cash payment for goods and services from banks, mutual funds, institution issuing bonds and registrars. Now, all such information will be shown in the new Form 26AS, it added.