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 |
- 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
- Permanent Account Number
- Aadhaar Number
- Date of Birth/ Incorporation
- Mobile No.
- Email Address
- Address
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