Soon, more pieces of information on your transactions and incomes such as remittances received from overseas will be uploaded in the form 26AS by the Income Tax department. The move will help you file your income tax returns more efficiently and also assist the department in detecting any discrepancies therein.

       Information about transactions by companies would also be included in the form to help them file returns accurately.

       In its latest order, the Central Board of Direct Taxes (CBDT) has asked the DGIT (Systems) to upload the new pieces of information in the form 26As.

       The Form 26AS, also called the tax credit statement or the annual information statement, was revamped in the 2020-21 assessment year to capture high-value transactions. It also contains details of your taxes deducted and deposited.

       Besides foreign remittances, these new items are interest on income tax refund, dividend from mutual funds, purchase of mutual funds among others.

       The form 26AS would also include information on the breakup of salary, any deductions to be claimed by the employee, his income from other sources and house property and overall tax liability, said Om Rajpurohit, director, corporate and international tax with AMRG & Associates.

       This would also have information on sale or purchase of a motor vehicle, opening of demat account with a depository, payment to a hotel etc.

       The form would also contain information on off-market transactions. These transactions are not settled on the stock exchanges. Onus of reporting such transactions has been put on the relevant depositories or registrar and transfer agents.

       The new items also include information on the income tax returns of other taxpayers. Though there is no such clarity as of now, it has been observed that in case of merger and acquisition or transfer of TDS credit, details of one party is mentioned in the ITR form of other persons, Rajpurohit said.

       The information is required to be uploaded within three months from the end of the month in which the information is received.

       "The updated form 26AS will make the taxpayer self-aware about the reportable transactions well in advance and assist them in correct disclosure and income computation while filing the return of income," Rajpurohit said.

       This will also help them in reducing penalties on non-disclosure and non-reporting of information, he said.

       Currently, the form contains details of specified financial transactions such as cash deposits of at least Rs one million in savings accounts in a year, opening up of one or more fresh fixed deposits of at least Rs one million, credit card payments of Rs 100,000 in cash and Rs one million through other modes, investment of at least Rs one million in equity shares and mutual funds, purchase of immovable property of at least Rs one million.

       Besides, it carries information relating to tax deducted at source, tax collected at source, taxes paid other than TDS and TCS, TDS defaults, turnover of companies etc.

       A taxpayer should tally the income details and tax deducted shown against such income in the form 26 As with the details, according to his records.

       If there is any discrepancy, he should inform the income tax department which would in turn get the feedback from the reporting entity about this, Mohan said. For instance, banks are the reporting entity for cash deposited in saving accounts.