Forms 26AS has been omitted | Now Annual Information statement will replace Form 26AS

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Vide a notification, CBDT has scrapped earlier 26AS where credit of tax paid and refund received used to be shown and now an annual information would replace the original Form 26AS.

Form 26AS was governed by rule 31AB of the previous act and same shall be substituted by rule 114-I wherein annual information statement shall be uploaded.

This shall be made applicable from 01.06.2020.

The name of earlier rule 31AB governing Form 26AS was Annual statement of tax deducted or collected or paid and therefore it only used to show such information and now the statement under rule 114-I has been named as Annual Information statement and as per the name one can suggest that the scope of same has been increased.

The few visible changes in New Form 26AS is as follows:

1. There would be 2 part in new Form 26AS/ Annual Information statement.

2. It will now also include Aadhar number of the assessee as Aadhar number can be used instead of PAN number now and therefore 26AS would also include Aadhar number.

3. Information relating to tax deducted or collected at source

4. Information relating to specified financial transaction

5. Information relating to payment of taxes

6. Information relating to demand and refund

7. Information relating to pending proceedings

8. Information relating to completed proceedings

9. Any other information in relation to sub-rule (2) of rule 114-I i.e. information received under agreement u/s 90 and 90A or under any other law as it may deem fit in the interest of the revenue.

There is nothing extra which as an assessee one has to do it’s just change in the presentation of 26AS and inclusion of various new information in 26AS. Thus, it’s more of a backend change.

To read full notification CLICK HERE.

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