Annual Information Statement (AIS)- New form 26AS notified in Income Tax

New form 26AS- From Assessment year 2021-22, the department has changed the format of form 26AS. Taxpayers will see improved form 26AS called Annual Information Statement, applicable from 01st June 2020. AIS is the new format as prescribed by the department, which is discussed here.

Annual Information Statement (AIS)

Annual Information Statement (AIS)- Since effect, it would carry some additional details of the taxpayer’s financial transactions in various categories. The details of the same are described here-

It has been divided in two parts, Part- A and Part B

Part A of AIS

Earlier this part contains only basic details of taxpayers like Name, PAN No. and address of the taxpayers, but in Annual Information Statement (AIS) It contains the following-

  • Permanent Account Number (PAN No.)
  • Name
  • Date of birth/incorporation
  • Mobile No.
  • Email Address
  • Address

Part B of AIS

Part B shows the nature of transaction as mentioned below-

1. Information relating to tax deducted or collected at source

This section includes information related to the TDS deducted from the taxpayer. During the year, if you earn any income which is liable to deduct TDS, the same income and related TDS will be shown here.

In the same way, it also shows details of tax collected by the seller on the product such as Tendu leaves, alcoholic liquor for human consumption, etc.

2. Information relating to Specified Financial Transaction

Earlier in old form 26AS, there are only limited transaction shows but in Annual Information Statement, the scope of the transaction has been enhanced, which includes 12 new transactions in the list.

3. Information relating to payment of taxes

It shows taxes paid other than TDS/TDS. It includes payment of Advance Tax paid by the assessee and payment of self-assessment tax.

4. Information relating to tax demand and refund

This section will show tax demand raised by the department and refund of the earlier year issued to the assessee.

5. Information relating to pending proceedings

It includes details of any proceedings which are pending with the department e.g pending appeal before CIT (A), pending appeals before ITAT, pending assessment proceedings with the Assessing Officer.

6. Information relating to completed proceedings

It includes details of any proceedings, that have been completed under the Income Tax Act.

7. Any other information in relation to sub-rule (2) of rule 114-I]

Rule 114-I (2), says that the department shall upload information received from the officer, authority, or any institution under any law or any information related to DTAA u/s 90 or 90A of the Act. It shall also include such information obtained from any other person which is in the interest of the revenue.

Format of Annual Information Statement

You can download the format of New form 26AS called- Annual Information Statement from here.

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Disclaimer: The information contained in the above article are solely for informational purpose after exercising due care. However, it does not constitute professional advice or a formal recommendation. The author does not own any responsibility for any loss or damage caused to any person, directly or indirectly, for any action taken on the basis of the above article.

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Compiled by- CA Chirag Agarwal (Practicing Chartered Accountants)

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