The Central Board of Direct Taxes (CBDT), on Thursday has notified new Rule 114-I which prescribes uploading of annual information statement in Form 26AS in the registered account of assessee. A new Form 26AS has been notified for reporting of information related to TDS/TCS, specified financial statements, payment of taxes, demand & refund, pending & completed proceedings & any info. in relation to sub-rule(2) of 114-I which includes info. received under agreement referred to in section 90 or 90A.
With this, Form 26AS has now been revamped to an ‘Annual Information Statement’ which apart from the TDS/ TCS details, shall now contain comprehensive information relating specified financial transactions, payment of taxes, demand/ refund and pending/completed proceedings undertaken by a taxpayer in a particular financial year that has to be mentioned in the income tax returns.
Revised Form-26AS relating to FY 2020-21 shall contain the following information:
|Sl. No||Nature of information|
|1.||Information relating to tax deducted or collected at source (TDS or TCS)|
|2.||Information relating to specified financial transaction (SFT)|
|3.||Information relating to payment of taxes|
|4.||Information relating to demand and refund|
|5.||Information relating to completed proceedings|
|6.||Information relating to pending proceedings|
|7.||Any other information in relation to sub-rule (2) of rule 114-I|
Revised Form 26AS will come into effect from June 1, the Central Board of Direct Taxes (CBDT) said.
Form 26AS is an annual consolidated tax statement that can be accessed from the income-tax website by taxpayers using their Permanent Account Number (PAN).