IndiaFilings / Learn / Income Tax / Annual Information Statement Replaces Form 26As
Annual Information Statement Replaces Form 26AS

Annual Information Statement Replaces Form 26AS

Finance Act, 2020 had inserted a new section 285BB in the Income Tax Act 1961. The said section contains that a prescribed income-tax authority or any person authorized by such authority shall upload an annual information statement in the registered account of the taxpayer in such form and manner, within such time and along with such information that the income tax authority possesses, as may be prescribed. In accordance with section 285BB, CBDT has passed Notification 30/2020 on 28th May 2020 through which the existing Form 26AS has been replaced with a new version of Form 26AS containing a statement named Annual Information Statement (AIS). Rule 31AB which dealt with Form 26AS has been omitted and a new rule 114I has been inserted. The new statement is effective from 1st June 2020. Rule 114I states that the Principal Director-General of Income Tax (Systems) or the Director General of Income Tax (Systems) or any person authorized by them shall upload an Annual Information Statement in Form 26AS containing the following information, which is in his possession within three months from the end of the month in which the information has been received by him:
Sl. No. Nature of Information
1 Information regarding tax deducted or collected at source
2 Information regarding specified financial transaction
3 Information regarding payment of taxes
4 Information regarding demand and refund
5 Information regarding pending proceedings
6 Information regarding completed proceedings
Specified financial transactions have been prescribed in Section 285BA. The section states that following transactions shall be known as specified financial transactions (SFTs) and shall be reported by specified persons in the Annual Information Report (AIR):
  • Purchase, sale or exchange of goods, property, right or interest in a property
  • Rendering of any service
  • Works contract
  • Investment made or any expenditure incurred
  • Taking or accepting any loan or deposit
The section also provides that the Board may prescribe different values for different transactions undertaken by different persons. So, all the reportable SFTs shall now form part of the Annual Information Statement in Form 26AS. Rule 114I also provides that any information received under a DTAA with any country or specified territory or association or any information received from any other person if found to the interest of the revenue has to be uploaded in the annual information statement. Thus, now information exchanged with the government under a DTAA shall also be incorporated in the AIS. Apart from this specific information, some general information also forms part of the Annual Information Statement, namely:
  • Permanent Account Number
  • Aadhaar Number
  • Date of Birth/ Incorporation
  • Mobile No.
  • Email Address
  • Address
Thus, you shall now witness a new version of Form 26AS containing the Annual Information Statement. While the old Form 26AS contained only the information about tax deducted or collected, the new form is more comprehensive and in addition to the information of tax deducted and collected it also contains other significant information like that of SFTs, information obtained under DTAA, details of pending and completed proceedings, and so on. The new statement is aimed to bring more transparency in the tax regime and curb tax avoidance practices. It is expected to widen the tax base and discourage the taxpayers to hide information about the financial transactions undertaken by them.
IndiaFilings
Updated on: June 8th, 2020

Popular Post

Download ePAN Card – Get ePan from NSDL & UTIITSL
80 Small Business Ideas

Starting a small business can be a transformative venture, offering the exciting opportunity...

Nadakacheri – Income Caste Certificate Download Online in Karnataka
TDS Rate Chart for Financial Year 2025-2026 (Assessment Year 2026-2027)

Tax deduction at source, shortly and popularly known as TDS, was introduced by the Income Tax...

Divorce Rules in India: Everything You Need to Know
How To Download GST Registration Certificate Online?

Goods & Services Tax Certificate is issued to people who are registered under GST...

PAN Card Cancellation Online
Find Complete Details of GST Registration Procedure

GST registration applies to all individuals and entities supplying goods or services in India. GST...

Check Your PF Claim Status Online Using PF Tracking ID
Gift Tax in India: Applicability, Exemptions and Rules

Gift tax in India is applied when the value of the received gift exceeds ₹50,000 in the...

Check Your PF Claim Status Online Using PF Tracking ID
Old Regime vs New Regime 2025: Which Tax Regime is Better for You?

The Union Budget 2025 has brought significant changes to India’s personal income tax structure, raising the...

Check Your PF Claim Status Online Using PF Tracking ID
What is the minimum turnover for GST?

The Goods and Services Tax (GST) is an indirect tax system introduced in India in 2017. It functions...

Check Your PF Claim Status Online Using PF Tracking ID
How can I check if a trademark is registered?

A trademark search is simply checking if another person or organization does not already own the...

Check Your PF Claim Status Online Using PF Tracking ID
Section 194H of the Income Tax Act: TDS on Commission & Brokerage

Section 194H of the Income Tax Act in India mandates the deduction of Tax at Source (TDS) on commission or brokerage...

Check Your PF Claim Status Online Using PF Tracking ID
Section 80G Deduction - Income Tax Act

Section 80G Deduction is a facility available in the Income Tax Act which allows taxpayers to...

Check Your PF Claim Status Online Using PF Tracking ID
Crypto Tax in India: Taxation On Cryptocurrency

The Income Tax Department (ITD) has not provided specific guidance on crypto taxes for Indian investors. However...

Check Your PF Claim Status Online Using PF Tracking ID
Internal Audit Applicability Under Companies Act, 2013

Internal audit applicability is a critical concept for companies in India, impacting various...

Check Your PF Claim Status Online Using PF Tracking ID
Difference between Private and Public Company

In the business world, two main types of companies exist: private company and public company...

Check Your PF Claim Status Online Using PF Tracking ID
New GST Rules for Rent

Ministry of Finance vide a Notification No 05/2022- Central Tax (Rate) dated 13.7.2022 has issued...

Check Your PF Claim Status Online Using PF Tracking ID
GSTR-1 and GSTR-3B Due Date Extension - New Due Dates For January 2025

The Central Board of Indirect Taxes and Customs (CBIC) has recently announced an extension...

Check Your PF Claim Status Online Using PF Tracking ID
Different Depreciation Rates under Companies & Income Tax Act

Depreciation is a key concept in finance and accounting. It helps us manage how the value of...

Check Your PF Claim Status Online Using PF Tracking ID
Form 10IA - Section 80DD Deduction

Form 10IA of the Income Tax Department must be filed by taxpayers claiming income tax deduction...

Check Your PF Claim Status Online Using PF Tracking ID
GST on Used Cars: New 18% Tax Rate Explained

The Goods and Services Tax (GST) system in India has been a significant reform in the country's...

Check Your PF Claim Status Online Using PF Tracking ID
MSME Registration - Udyam Registration

India's Gross Domestic Product (GDP) benefits significantly from the substantial...

Check Your PF Claim Status Online Using PF Tracking ID
Section 43B(h) - New MSME 45 Days Payment Rule

The Finance Act, 2023 introduced the MSME 45-day payment rule under Section 43B(h) of the Income Tax Act...

Check Your PF Claim Status Online Using PF Tracking ID
Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024

The Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024, was announced by Union Finance Minister...