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Form 26 AS Replaced with a new Comprehensive Form – Annual Information System

Form 26 AS Replaced with a new Comprehensive Form – Annual Information System

Form 26AS is an annual consolidated credit statement issued by the I-T department under section 203AA. The Central Board of Direct Taxes (‘CBDT’) vide notification no. 30/2020 dated 28 May 2020 has replaced Form 26 AS with a comprehensive form with a view to widen the coverage of information available to the taxpayers. On account of this, now a taxpayer will have more information readily available at one place.

This statement will act as the Annual Information Statement of the assesses and could make it a one-stop-shop for assessees to know about their dealings with the Income Tax Department Finance Act 2020 had introduced a new section 285BB to replace the existing format but in a completely new avatar. In continuation to the above, CBDT has notified a new Rule 114-I laying down a format with the following info:

  1. Additional Basic info - Mobile No., Email, Date of Birth / Inc.
  2. Taxes deducted/collected at source
  3. Specified Financial Transactions that would cover under sec. 285BA
  4. Payment of taxes such as advance tax etc.
  5. Demand and refunds
  6. Pending proceedings
  7. Proceedings already completed
  8. Any other information such as information received from other countries under the Exchange of Information article in DTAA or any other matter, in the interest of revenue.

The authority will upload the Form in the account of the taxpayer on the income tax portal, within 3 months from the end of the month in which the information is received by it. This should benefit both taxpayers and tax officials in multiple ways, however, it is important that correct information is uploaded to avoid any conflict with the tax department. Consequently, section 203AA is deleted from the statute from 1st June 2020.

 

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