The Finance Act 2020 has introduced 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 along with such information, which is in the possession of an income-tax authority, as may be prescribed.
Usually Form 26AS Contains only TDS / TCS details, revised Form 26AS shall have information relating to Taxpayers 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.
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Sr No
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Nature of information in Form 26AS
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1
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TDS or TCS
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2
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Specified financial transaction like dealing in Shares and Mutual Funds
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3
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Payment of Advance Tax, Self-Assessment taxes paid
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4
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Demand and refund pending for past years
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5
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Pending proceedings in CIT& ITAT. HC and SC
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6
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Completed proceedings and related Order
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7
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Information 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)
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8
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Relief Taken by Assessee under Double Taxation Avoidance Agreement (DTTA) with another Country
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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).
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Form 26AS
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Annual Information Statement
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Financial Year: XXXX-XX
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[See rule 114-I]
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Assessment Year: XXXX-XX
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Part A
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Permanent Account Number:
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Address:
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Name:
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Date of Birth/Incorporation:
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Mobile No.:
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Email Address:
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Address:
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Part B
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Sl. No
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Nature of information
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1
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Information relating to tax deducted or collected at source
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2
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Information relating to specified financial transaction
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3
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Information relating to payment of taxes
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4
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Information relating to demand and refund
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5
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Information relating to pending proceedings
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6
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Information relating to completed proceedings
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7
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Any other information in relation to sub-rule (2) of rule 114-I
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Author
CA Ankit Gupta