New Form 26 AS released by Income Tax Department is an Annual Information Statement. The Central Board of Direct Taxes amends the Income-tax Rules, 1962. The New Form 26AS will come into effect from 1st June 2020.
Income-tax (11th Amendment) Rules, 2020
CBDT in exercise of the powers conferred by section 285BB read with section 295 of the Income-tax Act, 1961 makes the following rules
(I) Omission of rule 31AB;
(II) Inserting Rule 114-I, namely:-
Extract of New Rule 114-I Inserted
“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 he receives the information.”
Contents of New Form 26AS
The Principal Director General of Income-tax will be uploading information on the below details in the taxpayer’s account within three months of receiving the information.
|Sl. No||Nature of information|
|(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|
- The frequency of updating the form 26AS will be every 3 months and not just once a year.
- The new 26AS form includes details of Aadhaar Number, PAN, Date of Birth, Mobile no, Email Address and Address of the Taxpayer.
- Financial institutions or any other authority or customer can now access the financial information of taxpayer.
- A taxpayer cannot hide any financial information from banks and other authorities.
(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 uploading of annual information statement referred to in sub-rule (1).”
(III)in Appendix II, Form 26AS is substituted by the following Form, namely:-
New Form 26AS
|Form 26AS||Annual Information Statement|
[Seerule 114-I ]
|Permanent Account Number:|
|Date of Birth/Incorporation :|
|Mobile No. :|
|Email Address :|
|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]
ANKUR GOYAL,Under Secy.
Note: The principal rules were published in the Gazetted of India, Extraordinary, PartII Section3, Sub-section (ii) vide number S.O. 969 (E) dated the 26th March 1962 and last amended by the Income-tax (10thAmendment) Rules, 2020 vide notification No. G.S.R. 315(E), dated the27-5-2020.Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064and Published by the Controller of Publications, Delhi-110054.