CBDT notifies Form of Annual Information Statement u/s 285BB by inserting rule 114-I. This will replace the existing Form 26AS of TDS/TCS
The Finance Act 2020, in order to extend the scope of Form 26AS beyond the information about tax deducted, inserted a new section 285BB regarding Annual Information Statement.
This said section provides that the prescribed income-tax authority or the person authorised by such authority shall upload in the registered account of the assessee an annual information statement in such form and manner, within such time and along with such information, which is in the possession of an income-tax authority, as may be prescribed.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION
New Delhi, the 28th May, 2020
INCOME-TAX
G.S.R. 329(E) – In exercise of the powers conferred by section 285BB read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely :-
1. Short title and commencement.-(1) These rules may be called the Income-tax (11th Amendment) Rules, 2020.
(2) They shall come into force with effect from the 1st day of June, 2020.
2. In the Income-tax Rules, 1962 –
(I) rule 31AB shall be omitted;
(II) after rule 114H, the following rule shall be inserted, namely:-
114-I. (1) The Principal Director General of Income-tax (Systems) or the Director General oflncome-tax (Systems) or any person authorised by him shall, under section 285BB of the Income-tax Act, 1961, upload in the registered account of the assessee an annual information statement in Form No. 26AS containing the information specified in colunm (2) of the table below, which is in his possession within three months from the end of the month in which the information is received by him:-
TABLE
Sl No. | Nature of information |
(1) | |
(i) | Information relating to tax deducted or collected at source |
(ii) | Information relating to specified financial transaction |
(iii) | Information relating to payment of taxes |
(iv) | Information relating to demand and refund |
(v) | Information relating to pending proceedings |
(vi) |
Information relating to completed proceedings
|
(2) The Board may also authorise the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems) or any person authorised by him to upload the information received from any officer, authority or body performing any function under any law or the infonnation received under an agreement referred to in section 90 or section 90A of the Income-tax Act, 1961 or the information received from any other person to the extent as it may deem fit in the interest of the revenue in the annual information statement referred to in sub-rule (1).
(3) The Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems) shall specify the procedures, formats and standards for the purposes of uploading of annual information statement referred to in sub-rule (1).”
(III) in Appendix II, Form 26AS shall be substituted by the following Form, namely:-
Form 26AS |
Annual Information Statement |
Financial Year: |
Assessment Year: |
Part A
Permanent Account Number: |
Aadhaar Number: |
Name: |
|
Date of Birth/Incorporation: |
|
Mobile No.: |
|
Email Address : |
|
Address: |
|
Part B
Sl. No |
Nature of information |
1. |
Information relating to tax deducted or collected at source |
2. |
Information relating to specified financial transaction |
3. |
Information relating to payment of taxes |
4. |
Information relating to demand and refund |
5. |
Information relating to pending proceedings |
6. |
Information relating to completed proceedings |
7. |
Any other information in relation to sub-rule (2) of rule 114-I |
[F. No. 370142/20/2020-TPL]
ANKUR GOYAL, Under Secy.
Note : The principal rules were published in the Gazetted of India, Extraordinary , Part II Section 3, Sub-section (ii) vide number S.O. 969 (E) dated the 26th March, 1962 and last amended by the Income-tax (lOth Amendment) Rules, 2020 vide notification No. G.S.R. 315(E), dated the 27-5-2020
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