{"id":9772,"date":"2020-05-30T18:05:23","date_gmt":"2020-05-30T12:35:23","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=9772"},"modified":"2021-01-25T17:28:58","modified_gmt":"2021-01-25T11:58:58","slug":"cbdt-on-annual-information-statement-new-avatar-form-26as","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/cbdt-on-annual-information-statement-new-avatar-form-26as\/","title":{"rendered":"CBDT on Annual Information Statement: New Avatar Form 26AS"},"content":{"rendered":"\n<p class=\"has-drop-cap\">Assembly income tax return treating and assessment simpler and more operative, the income tax department has refurbished Form 26AS to an <strong>&#8216;Annual Information Statement<\/strong>&#8216; to consist of <strong>share trading<\/strong> related transactions and <strong>real estate<\/strong>. <strong>Form 26AS<\/strong> is an annual amalgamated credit declaration issued by the income tax to aid assessees <strong>cross-verify tax deducted at source (TDS)<\/strong>, <strong>income received<\/strong>, and <strong>tax deposited<\/strong> throughout a certain financial year.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" width=\"665\" height=\"430\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-163.png\" alt=\"CBDT on Annual Information Statement\" class=\"wp-image-9773\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-163.png 665w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-163-300x194.png 300w\" sizes=\"(max-width: 665px) 100vw, 665px\" \/><\/figure><\/div>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/cbdt-on-annual-information-statement-new-avatar-form-26as\/#What_are_the_Core_Highlights\" >What are the Core Highlights?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/cbdt-on-annual-information-statement-new-avatar-form-26as\/#What_CBDT_Notifies_in_the_Notification_No_302020_along_with_the_Budget_2020-21\" >What CBDT Notifies in the Notification\nNo. 30\/2020 along with the Budget 2020-21?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/cbdt-on-annual-information-statement-new-avatar-form-26as\/#What_is_the_role_of_Principal_Director_General_of_IT_or_Director_General_of_IT\" >What is the role of Principal\nDirector General of IT or Director General of IT?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/cbdt-on-annual-information-statement-new-avatar-form-26as\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_Core_Highlights\"><\/span>What are the Core Highlights?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" width=\"562\" height=\"362\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-164.png\" alt=\"What are the Core Highlights\" class=\"wp-image-9774\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-164.png 562w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-164-300x193.png 300w\" sizes=\"(max-width: 562px) 100vw, 562px\" \/><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_CBDT_Notifies_in_the_Notification_No_302020_along_with_the_Budget_2020-21\"><\/span>What CBDT Notifies in the Notification\nNo. 30\/2020 along with the Budget 2020-21?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>According to the\n\u201c<strong>Notification No. 30\/2020\/F. No.\n370142\/20\/2020-TPL<\/strong>\u201d, the form will now encompass complete information\nrelating definite payment of <strong>taxes<\/strong>, <strong>financial transactions<\/strong>,\npending\/accomplished proceedings, and <strong>demand\/\nrefund<\/strong> in its new avatar. It should be commenced by a taxpayer in a\nspecific financial year that has to be declared in the (ITR) Income tax\nreturns.<\/li><li>The income tax\ndepartment declared that the new form will come into effect from <strong>June 1<\/strong> which was publicized in the\nBudget. Then the taxpayers will be able to get the combined statement from the income\ntax department&#8217;s <strong>e-filing portal by\nmeans of their PAN card<\/strong>.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Annual Information Statement<\/h3>\n\n\n\n<ul><li>In pursuant to <strong>Finance Act, 2020,<\/strong><sup><a href=\"https:\/\/en.wikipedia.org\/wiki\/Finance_Act_(India)\"><strong>[1]<\/strong><\/a><\/sup> and modification respectively, CBDT notifies Annual Information Statement in its Fresh Form 26AS. It supplements with <strong>new Rule 114-I<\/strong> which is to be operative from <strong>1<sup>st<\/sup> June 2020 <\/strong>and <strong>neglects Rule 31AB<\/strong> accordingly.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">New Section 285BB in Budget 2020-21<\/h3>\n\n\n\n<ul><li><strong>New\nSection 285BB<\/strong> has introduced in Budget 2020-21 under the\nIncome Tax Act to appliance reviewed Form 26AS. <\/li><li>Revised Form 26AS shall now comprise statistics\nconnecting to assessee\u2019s specified financial transaction not together with the\nTDS \/ TCS details. Those include information of&nbsp;property and share\ntransactions etc., demand completed proceedings or refund and pending \/or\npayment of taxes.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Information\nin New Form-26AS: FY 2020-21<\/h3>\n\n\n\n<p>The succeeding\ninformation shall comprise in the New Form-26AS relating to Financial Year\n2020-21.<\/p>\n\n\n\n<p><strong>Those are as follows:-<\/strong><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" width=\"702\" height=\"457\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-165.png\" alt=\"New Form-26AS relating to Financial Year 2020-21\" class=\"wp-image-9777\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-165.png 702w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-165-300x195.png 300w\" sizes=\"(max-width: 702px) 100vw, 702px\" \/><\/figure><\/div>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/itat-orders-absence-before-cit-disallowance-income-tax-2020\/\">ITAT: On Excused Absence, Plea U\/s 12AA &amp; Reflex Disallowance: Income Tax \u2013 May, 2020\n<\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_role_of_Principal_Director_General_of_IT_or_Director_General_of_IT\"><\/span>What is the role of Principal\nDirector General of IT or Director General of IT?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Bullet\nPoints under section 285BB of the Income-tax Act, 1961:-<\/strong><\/p>\n\n\n\n<ul><li>Upload annual\ninformation statement (Within three months)<\/li><li>Containing the information specified<\/li><li>Upload the information relating interest of\nthe revenue<\/li><li>Specify the procedures, formats and standards<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Role\nUnder 114-I<\/h3>\n\n\n\n<ul><li>Under section 285BB of the Income-tax Act,\n1961, they can <strong>upload an annual information\nstatement in Form No. 26AS<\/strong> in the registered account of the assessee. <\/li><li>It will be based upon the information\nspecified which is in his possession <strong>within\nthree months from the end of the month in which the information is acknowledged\nby him<\/strong>.<\/li><li>The Board may also <strong>give permission<\/strong> to upload the information in reference <strong>to section 90 or section 90A<\/strong> of the\nIncome-tax Act,1961. <\/li><li>It may also act upon the information\nacknowledged from any other person to the extent as it may consider fit in the\ninterest of the revenue in the annual information statement mentioned in\nsub-rule (1). <\/li><li>They can <strong>lay\ndown the procedures, formats, and standards<\/strong> for the purposes of uploading\nof annual information statement mentioned to in sub-rule (1).\u201d<\/li><li>Form 26AS shall be substituted by the\nfollowing information in as \u2018Appendix II\u2019.<\/li><\/ul>\n\n\n\n<p><strong>Those are as follows:- <\/strong><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" width=\"576\" height=\"389\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-166.png\" alt=\"Form 26AS \" class=\"wp-image-9779\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-166.png 576w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-166-300x203.png 300w\" sizes=\"(max-width: 576px) 100vw, 576px\" \/><\/figure><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" width=\"576\" height=\"400\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-167.png\" alt=\"Form 26AS documents\" class=\"wp-image-9780\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-167.png 576w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-167-300x208.png 300w\" sizes=\"(max-width: 576px) 100vw, 576px\" \/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Overall Assumption <\/h3>\n\n\n\n<ul><li>It will assist tax authorities doing e-assessment with all the information\/ details available at one place, and having no\/ limited interaction with taxpayers. It is because the tax authorities now will be able to <strong>easily compare information <\/strong>available in Form 26AS in terms of the information reported by taxpayers in <a href=\"https:\/\/corpbiz.io\/income-tax-return-filing\"><strong>income tax return filing<\/strong><\/a>.<\/li><li>Slight mismatch may be easily highlighted by the structure to tax authorities. In case any improper information is described in Form 26AS, it will also support taxpayers in identifying and attractive remedial feats.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The\nForm 26AS has been made more comprehensive pursuant to the announcements made\nearlier on several occasions. It would also comprise details about financial\ntransactions approved by the taxpayer and would promote easiness the tax filing\nprocedure as much of the information would be mined from this.<\/p>\n\n\n\n<p>Our <a href=\"https:\/\/corpbiz.io\/\"><strong>Corpbiz<\/strong><\/a> group will be at your disposal if you want expert advice on any aspect of Income Tax issues. We will help you to ensure complete compliances concerning all the issues related to Annual returns or Taxations-based as per your desired activities, ensuring the fruitful and well-timed completion of your work.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/authority-of-advance-ruling-on-gst-applicability-2020\/\">\nGST Applicability on Works Contract for NCBS &amp; Food Services for Exempted Institutions: AAR\n<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Assembly income tax return treating and assessment simpler and more operative, the income tax department has refurbished Form 26AS to an &#8216;Annual Information Statement&#8216; to consist of share trading related transactions and real estate. Form 26AS is an annual amalgamated credit declaration issued by the income tax to aid assessees cross-verify tax deducted at source [&hellip;]<\/p>\n","protected":false},"author":20,"featured_media":9794,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[153,152],"tags":[613],"acf":{"service_id":"78"},"authorName":"Archita Bhattacharjee","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/03\/WhatsApp-Image-2020-03-18-at-11.26.19-AM-1.jpeg","authorDescription":"Archita Bhattacharjee is working as Legal Analyst (Team Lead, Research &amp; Development) at Corpbiz and has proving experience about 2 years as Corporate Legal Researcher in law firms as well as Rajya Sabha and authors in diverse publications. She has refined her skills by representing India in Paris, France and the University of Leiden over implications of International Humanitarian and Criminal Law being certified member of many Legal Centers.","postViews":5364,"readingTime":3,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/9772"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=9772"}],"version-history":[{"count":18,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/9772\/revisions"}],"predecessor-version":[{"id":24953,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/9772\/revisions\/24953"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/9794"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=9772"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=9772"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=9772"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}