No More Form 26AS From FY 2020-21
By Notification 30/2020; Dated 28th May, 2020, CBDT has substituted Form 26AS by “Annual Information Statement”. This form will be effective from 1st June, 2020 (F.Y. 2020-21)
The words of Notification are as under :
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:—
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.
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:─
(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:-
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.
Thanks for reading our article on “No More Form 26AS From FY 2020-21”
You May Also Like : Why Interest when EMI has been Deferred?
Follow Us on LinkedIn for Job Updates : Click Here to Visit LinkedIn Profile