Rakesh Nangia, chairman Nangia Andersen Consulting said that Form 26AS in its new avatar seeks to provide much more comprehensive information regarding taxes paid by a taxpayer in a single form/ statement.
"With all the information/ details available at one place, it will also assist tax authorities doing e-assessment and having no/ limited interaction with taxpayers, as tax authorities will be able to easily compare information available in Form 26AS vis-a-vis information reported by taxpayer in ITR and any mismatch may be easily flagged by the systems to tax authorities," Nangia said.
It will also assist taxpayers in identifying and taking corrective action, in case any incorrect information/ detail is reported in Form 26AS, he added.
"The Form 26AS has been made more comprehensive pursuant to the announcements made earlier on several occasions. It would also include information about financial transactions carried out by the taxpayer and would further ease the tax filing process as much of the information would be extracted from this only," said Amit Maheshwari, Partner, AKM Global.