Form 26AS -Annual Information Statement- Section 285BB of Income Tax Act 1961
The Government of India has introduced new section 285BB vide Finance Act, 2020 replacing existing section 203AA of the Income Tax Act, 1961 which mandates the prescribed income-tax authority or the person authorized by such authority to upload in the registered account of the assessee a statement in prescribed form which not only covers information relating to Tax deducted or collected at source but also covers information relating to purchase/sale of immovable property, pending or completed proceedings, outstanding demands or refunds due, information relating to payment of taxes or any other information which are received from the officers under other law.
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Particulars |
Old 26AS |
New 26AS (AIS) |
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Old and New Provisions |
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| Name of Form |
Annual Tax Statement |
Annual Information Statement (“AIS”) |
| Applicable Provisions |
Section 203AA r.w. Rule 31 AB |
Section 285BB r.w. Rule 114-I |
| Available |
E-Filing Portal of tax payer |
E-Filing Portal of tax payer |
| Time Limit to issue Form 26AS | It shall be issued upto 31st July of the relevant Assessment Year (A.Y.).` | It shall be issued within 3 months from the end of the month in which the information is received by him |
| But, no time limit w.r.t. information under Rule 114-I(2), i.e. information received from (i.)officer any other laws, (ii)foreign govt under information exchange agreement or (iii) any other person | ||
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What Information AIS would capture? |
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| TDS/TCS |
Yes |
Yes |
| Payment of Taxes |
Yes |
Yes |
| Refund Status |
Yes |
Yes |
| Demand Status |
No |
Yes |
| Pending proceedings (assessments, penalty proceedings, appeals, etc.) |
No |
Yes |
| Completed Proceedings |
No |
Yes |
| Annual Information Report (AIR)/ Specified Financial Transactions (SFT) |
AIR |
SFT |
| Information received from the foreign government (under the Exchange of Information treaty) |
No |
Yes |
| Information received from officers under other law (GST Department, CBI, SFIO, SEBI, etc.) |
No |
Yes |
| Information received from any other person(Tax Evasion Petition) |
No |
Yes |
Author Bio
Very informative
Excellent article…just keep it up…..