The Finance Act 2020, in order to extend the scope of Form 26AS beyond the information about tax deducted, inserted a new section 285BB regarding Annual Information Statement.
This said section provides that the prescribed income-tax authority or the person authorised by such authority shall upload in the registered account of the assessee an annual information statement in such form and manner, within such time and along with such information, which is in the possession of an income-tax authority, as may be prescribed.
Deatils mention in New Form 26AS are as under
1. Information relating to tax deducted or collected at source (TDS and TCS)
2. Information relating to specified financial transaction (Deposit 10 Lacs or more in Saving Account and Registery deatils of Immovable property value more then 30 Lacs.)
3. Information relating to payment of taxes (Self Assement Tax and Advance Tax)
4. Information relating to demand and refund
5. Information relating to pending proceedings
6. Information relating to completed proceedings
7. Any other information in relation to sub-rule (2) of rule 114-I (Infomation received under agreement referred to in section 90 or 90A)
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