Notification No. 30/2020– CBDT notifies new Form 26AS [Annual Information Statement] pursuant to Finance Act, 2020 and amendment, inserts new Rule 114-I to be effective from June 1st and omits Rule 31AB.
Budget 2020-21 had introduced a new Section 285BB in the Income Tax Act to implement revised Form 26AS .
Apart from the TDS / TCS details, revised Form 26AS shall now contain information relating to assessee’s specified financial transaction (Information of property and share transactions etc.), payment of taxes, demand/ refund and pending / completed proceedings.
New Form-26AS relating to FY 2020-21 shall contain the following information:
Sl. No Nature of information
1. Information relating to tax deducted or collected at source (TDS or TCS)
2. Information relating to specified financial transaction (SFT)
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
Extract of Newly Inserted Section 285BB of Income Tax Act, 1961- Inserted Vide Finance Act, 2020
Annual information statement.
103. After section 285BA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of June, 2020, namely:—
285BB. 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 alongwith such information, which is in the possession of an income-tax authority, as may be prescribed.
Explanation.—For the purposes of this section, “registered account” means the electronic filing account registered by the assessee in designated portal, that is, the web portal designated as such by the prescribed income-tax authority or the person authorised by such authority.’.
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MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 30/2020
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:-
“Annual Information Statement
114-I. (1) The Principal Director General of Income-tax (Systems) or the Director General of Income-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 column (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) (2)
(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 information 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
[See rule 114-I ]
Financial Year:
XXXX-XX
Assessment Year:
XXXX-XX
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
[Notification No. 30/2020/F. No. 370142/20/2020-TPL]