Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

CBDT notifies new Form 26AS; widen its scope to include info. received under DTAA/TIEA

The CBDT has notified new Rule 114-I which prescribes uploading of annual information statement in Form 26AS in the registered account of assessee. A new Form 26AS has been notified for reporting of information related to TDS/TCS, specified financial statements, payment of taxes, demand & refund, pending & completed proceedings & any info. in relation to sub-rule(2) of 114-I which includes info. received under agreement referred to in section 90 or 90A

Government of India 
Ministry of Finance 
Department of Revenue 
Central Board of Direct Taxes
NOTIFICATIONS
 New Delhi, 28th May, 2020 
INCOME TAX


G.S.R. 329(E).—In exercise of the powers conferred by section 285BB read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:— 

1. Short title and commencement.-(1) These rules may be called the Income-tax (11th Amendment)            Rules, 2020. 
    (2) They shall come into force with effect from the 1st day of June, 2020. 

2. In the Income-tax Rules, 1962 – 
   (I) rule 31AB shall be omitted; 
   (II) after rule 114H, the following rule shall be inserted, namely:- 

“Annual Information Statement 

114-I. (1) The Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems) or any person authorised by him shall, under section 285BB of the Income-tax Act,1961, upload in the registered account of the assessee an annual information statement in Form No. 26AS containing the information specified in column (2) of the table below, which is in his possession within three months from the end of the month in which the information is received by him:─ 
TABLE
Sl. No                                                 Nature of information 
(1)                                                                      (2) 
(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

(2) The Board may also authorise the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems) or any person authorised by him to upload the information received from any officer, authority or body performing any function under any law or the information received under an agreement referred to in section 90 or section 90A of the Income-tax Act,1961 or the information received from any other person to the extent as it may deem fit in the interest of the revenue in the annual information statement referred to in sub-rule (1).

(3) The Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems) shall specify the procedures, formats and standards for the purposes of uploading of annual information statement referred to in sub-rule (1).” 

     (III) in Appendix II, Form 26AS shall be substituted by the following Form, namely:- 


Form 26AS                                 Annual Information Statement                  Financial Year: XXXX-XX                                                                          [See rule 114-I ]                   Assessment Year: XXXX-XX 
Part A 
Permanent Account Number:                                                         Aadhaar Number: 
Name : 
Date of Birth/Incorporation: 
Mobile No. : 
Email Address : 
Address: 

Part B 
Sl. No                                     Nature of information 
1.                                Information relating to tax deducted or collected at source 
2.                                Information relating to specified financial transaction 
3.                                Information relating to payment of taxes 
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 

[Notification No. 30/2020/F. No. 370142/20/2020-TPL] 
ANKUR GOYAL, Under Secy

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