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.

Particulars

Old 26AS

New 26AS (AIS)

Old and New Provisions

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

What Information AIS would capture?

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

Tags:

Author Bio

More Under Income Tax

2 Comments

Leave a Comment

Your email address will not be published. Required fields are marked *

Search Posts by Date

October 2020
M T W T F S S
 1234
567891011
12131415161718
19202122232425
262728293031