New Form 26AS -Annual Information Statement

• May 31, 2020
• CA Chandan Agarwal's Office

CBDT Notifies New Annual Information Statement (AIS) to replace Form 26AS to report TDS, Foreign Tax Credit, and more

CBDT Notifies New Annual Information Statement (AIS) to replace Form 26AS to report TDS, Foreign Tax Credit, and more: 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.

The Finance Act 2020 has inserted a new section 285BB regarding Annual Information Statement, in order to expand the scope of Form 26AS beyond the information related to taxpayers tax deducted and tax collected.

Form 26AS was introduced under section 203AA to report the TDS and TCS of the taxpayer.

Read on me: https://taxguru.in/income-tax/new-form-26as-annual-information-statement.html