What are the changes in the new form 26AS announced by the Central Board of Direct Taxes(CBDT)?

CBDT recently announced that the new form 26AS is the improved version of the previous form and is said to include additional details on the financial transactions of taxpayers under various categories. Earlier the form provided information relating to Tax Deducted at Source and Tax Collected at Source along with information including details of other taxes paid, refund, and TDS defaults. However, the new form is designed to provide information to taxpayers about all their major transactions through Statement of Financial Transactions (SFTs).

The new form shall disclose information like cash deposit or withdrawal from a savings account, sale/purchase of immovable property, time deposits, credit card payments, purchase of shares, debentures, mutual funds, foreign currency, cash payment for goods and services. All this shall be displayed under ‘PART-E’ of the modified form 26AS under the head SFT.