BSC Insight – New Form 26AS – Notified June 2020

Hon’ble Indian Finance Minister had talked about rationalization of the Form 26AS (‘Annual Tax Statement’) in the Union Budget 2020 by ‘making it more comprehensive and covering multiple information’ available with the Income-tax Department. Accordingly, the new Form 26AS has been notified vide Notification No. 30/2020 dated 28.05.2020 to replace the age-old Form 26AS. The new Form 26AS is now rechristened as ‘Annual Information Statement’ & has been made effective from June 1, 2020.

In its new avatar, the Form has been redesigned to contain certain information relating to status of demand / refund and pending / completed proceedings, apart from Specified Financial Transactions undertaken by a taxpayer in a particular financial year that has to be mentioned in the Income-tax returns (ITR) and payment of taxes.

In this TaxAlert, we have sought to update you about the contents of the new Form 26AS and highlight the changes made therein. We trust that you will find the same to be a useful read.

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