CBDT notifies the Income-tax (11th Amendment) Rules, 2020, to amend Form 26AS and issuance procedure, w.e.f. 1st June 2020. IT Rule 31AB on Annual Statement of TDS/ TCS has been omitted and new IT Rule 114I on Annual Information Statement (Form 26AS) has been inserted.
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:-
|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|
(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:-
[See rule 114-I ]
Annual Information Statement
(please refer above attachment)
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 (10th Amendment) Rules, 2020 vide notification No. G.S.R. 315(E), dated the 27-5-2020.
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