CBDT notifies Form of Annual Information Statement to replace Form 26AS   

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.

CBDT notifies Form of Annual Information Statement to replace Form 26AS   

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION

New Delhi, the 28th May, 2020

Notification No. 30 of 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:-

“Annual Information Statement

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

(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:-

Part A

Part B

[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

Download Notification Click Here >>

• Exemption u/s 54 allowed despite failure to deposit in Capital Gains Accounts Scheme
• No addition to be made in hands of assessee solely on basis of uncorroborated loose-sheet
• Claim of Leave Encashment exemption u/s 10(10AA)(ii) dismissed beyond Rs. 3 lakhs
• AO took a reasonable stand that 25 kg written in WhatsApp chat was 25 lakh – ITAT
• Shareholders can’t be taxed for income from properties owned by the company – HC