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May 29, 2020

Know Additional Information which will form part of New Form 26AS made by CBDT from 1 June 2020

Know Additional Information which will form part of New Form 26AS made by CBDT from 1 June 2020

The Finance Act 2020 has introduce new section 285BB of Income Tax Act, to implement revised Form 26AS.

What Section 285BB of Income Tax Act Says?

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.’

Usually Form 26AS Contains only TDS / TCS details, revised Form 26AS shall have information relating toTaxpayers specified financial transaction like Information of  property and share transactions, payment of taxes, demand/ refund and pending / completed proceedings, Details of Donation give to any 80G Registered Trust or Institution,

What all New Information shall be Captured in Form 26AS from 1 June 2020?

Section 285BB read with section 295 of the Income-tax Act, 1961, the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:— Annual Information Statement Rule 114-I.

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 within three months from the end of the month in which the information is received by him

Sr NoNature of information in Form 26AS
1Tax deducted at Source or collected at source
2Specified financial transaction like dealing in Shares and Mutual Funds
3Payment of Advance Tax, Self Assessment taxes paid
4Demand and refund pending for past years
5Pending proceedings in CIT& ITAT. HC and SC
6Completed proceedings and related Order
7Information received under an agreement referred to in section 90 or section 90A of the Income-tax Act,1961 – Income Tax Paid in Other Country (other than India)
8Relief Taken by Assessee under Double Taxation Avoidance Agreement (DTTA) with other Country

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).

Appendix II, Form 26AS shall be substituted by the following Form, namely

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).

Form 26ASAnnual Information Statement Financial Year: XXXX-XX
  [See rule 114-I ]Assessment Year: XXXX-XX

Part B

Permanent Account Number:Address:
Name : 
Date of Birth/Incorporation: 
Mobile No. : 
Email Address : 
Address: 

Part B

Sl. NoNature of information
1Information relating to tax deducted or collected at source
2Information relating to specified financial transaction
3Information relating to payment of taxes
4Information relating to demand and refund
5Information relating to pending proceedings
6Information relating to completed proceedings
7Any other information in relation to sub-rule (2) of rule 114-I

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 (10th Amendment) Rules, 2020 vide notification No. G.S.R. 315(E), dated the 27-5-2020.

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