CBDT has notified vide Notification No. 30/2020 dated 28.05.2020 the new Annual Information Statement (AIS) under section 285BB by inserting a new Rule 114-I in the Income Tax Rules, 1962 to replace age-old Form 26AS notified under Rule 31AB. The New Annual Information Statement (AIS) will be effective from 01.06.2020 and from that date the old Form 26AS will become obsolete.
Budget 2020-21 had introduced a new Section 285BB in the Income Tax Act to implement revised Form 26AS .
Apart from the TDS / TCS details, revised Form 26AS shall now contain information relating to assessee’s specified financial transaction (Information of property and share transactions etc.), payment of taxes, demand/ refund and pending / completed proceedings.
The new Annual Information System (AIS) shall contain the following information :
| Sl. No | Nature of information |
| (i) | Information relating to tax deducted or collected at source |
| (ii) | Information relating to specified financial transaction |
| (iii) | Information relating to payment of taxes |
| (iv) | Information relating to demand and refund |
| (v) | Information relating to pending proceedings |
| (vi) | Information relating to completed proceedings |
| (vii) | Any other information in relation to sub-rule (2) of rule 114-I |
Extract of Newly Inserted Section 285BB of Income Tax Act, 1961- Inserted Vide Finance Act, 2020
After section 285BA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of June, 2020, namely:—
285BB. 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 alongwith such information, which is in the possession of an income-tax authority, as may be prescribed.
Explanation.—For the purposes of this section, “registered account” means the electronic filing account registered by the assessee in designated portal, that is, the web portal designated as such by the prescribed income-tax authority or the person authorised by such authority.’.
Annual Information Statement or AIS is more comprehensive than the Form 26AS as it will contain more information about financial transactions of taxpayers beyond the TDS and TCS transactions. Presently, only the transactions which suffer TDS or TCS are reported by the deductor and the same gets reflected in Form 26AS. Those financial transactions on which no tax is deducted are not reported in the Form 26AS except those cases for which Form 15G or Form 15H or lower TDS certificate under section 197 are furnished.
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