NEW DELHI: Form 26AS will only display details of tax collected at source (TCS) and tax deducted at source (TDS) from the assessment year 2023-24 onwards, the income tax department has said. Currently, Form 26AS also shows the details of advance tax paid by assesses along with the self assessment tax, income tax refund and turnover as per GSTR-3B besides TDS and TCS. Now these details would be available on the annual information statement (AIS) on the income tax e-filing website.
Amit Maheshwari, Tax Partner, AKM Global, a tax and consulting firm, said: “This may help in making the return filing process fully compliant as AIS is more comprehensive where all the transactions entered by the taxpayer are reflected irrespective of whether applicable tax has been deducted or not.
However, it would be interesting to see if a taxpayer would be able to submit the feedback to such transactions, which were earlier in form 26AS and whether the same will be updated on a real time basis. It will also be cumbersome for the taxpayers since they will have to look at two set of documents now to file the tax return.” Chetan Daga, chartered accountant and founder at AdvantEdge Consulting said the income tax department is planning to migrate the taxpayer information from the Form 26AS to AIS.