Section 203AA of the Income tax act, 1961, provides that the Director-General of Income-tax systems shall deliver a statement in Form 26AS to every person from whose income the tax has been deducted or collected and in whose respect tax has been paid. Form 26ASis a tax passbook which provides the details of all taxes paid by or on behalf of an assessee. In order to enlarge the scope of Form 26AS, the Finance Act, 2020, has omitted section 203AA with effect from 01-06-2020 and new section 285BB has been introduced from the same date.
Consequently, the Central Board of Direct Taxes (CBDT) vide Notification No. G.S.R. 329(E), dated 28-5-2020,has omitted Rule 31AB and inserted a new Rule 114-I. Rule 114-I provides that an annual information statement in Form No. 26AS shall be uploaded, by the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems) or any person authorized by him, in the e-filing account of the assessee. Such statement shall be uploaded within 3 months from the end of the month in which the information is received by him.
The scope of newly introduced Form 26AS has been expanded to cover certain additional information such as information received under Double Taxation Avoidance Agreement or Tax Information Exchange Agreement. New Form 26AS is divided into 2 parts. Part A contains certain basic information of the assesse, i.e., Permanent Account Number, Aadhaar number, Name, date of birth/Incorporation, Mobile number, Email address and address. Part B contains the information in respect of the following transaction: Disclaimer: This information is updated till 03 June 2020.
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