ITR filing for AY 2020-21 - Know about new 26AS form for AY 2020-21

When we prepare the documents for filing Income Tax Return (ITR) for AY 2020-21, Form 26AS is the form that flows the information between taxpayers and tax authorities, which will help us for filing ITR for the particular Assessment Year and for the AY-2020-21 CBDT revised Form 26AS form for the assessment year 2020-21 or Annual Information Statement from this assessment year, which will reflect details of all high-value transactions. 

CBDT had in May notified that new rules so new form 26AS to give taxpayers a more detailed statement to taxpayers more details about the transactions they have made in AY 2020-21 for tax return processing. The changes that take effect from 1 June.
New form 26AS comes into 2 parts -
Part A contains certain basic information of the assessee, that is, Permanent Account Number, Aadhaar number, Name, date of birth/Incorporation, Mobile number, Email address, and address.
Part B contains the information in respect of the following transaction:
a. Information relating to tax deducted or collected at source.
b. Information relating to Specified Financial Transactions (SFT).
c. Information relating to the payment of taxes.
d. Information relating to demand and refund.
e. Information relating to pending proceedings.

Difference between last year and this year of Form 26AS -

 The new form 26AS will include more details with the following additional information.

1) Specified financial transactions (SFT) - like buy or sell off shares or mutual fund or real estate or credit card transactions;
2) Any pending income tax information proceedings;
3) Information related to completed income tax proceedings;
4) You can get the information about the demands or refunds you get for earlier years.