Be ready for additional details in 26AS

 Earlier 26AS reflected details of Amounts paid and Tax deducted to help the
person in filing the Income Tax return

 Now additional details are being captured and furnished in 26AS

 Transactions in Shares, Interest income from Banks, Dividends received from

Mutual Funds and Corporates, Transactions in Property & Real estate, Cash
deposits & Credit Card payments (over certain threshold) would be captured
through SFT Returns

 Corporates, Banks, Financial Institutions are being mandated to file SFT Return
(Statement of Financial Transaction) under Section 285BA (read with rule 114E).

 Slowly all the Financial Transactions would be captured through SFT and
furnished in 26AS.

 With increased compliance on Corporates, Revenue would now sit on data and use
Data Analytic tools ……

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