Specified financial transactions have been prescribed in Section 285BA. Information regarding completed proceedings Information regarding pending proceedings Information regarding specified financial transaction Information regarding tax deducted or collected at source Rule 114I states that the Principal Director-General of Income Tax (Systems) or the Director General of Income Tax (Systems) or any person authorized by them shall upload an Annual Information Statement in Form 26AS containing the following information, which is in his possession within three months from the end of the month in which the information has been received by him: Sl. The new statement is effective from 1 st June 2020. Rule 31AB which dealt with Form 26AS has been omitted and a new rule 114I has been inserted. In accordance with section 285BB, CBDT has passed Notification 30/2020 on 28 th May 2020 through which the existing Form 26AS has been replaced with a new version of Form 26AS containing a statement named Annual Information Statement (AIS). The said section contains that a prescribed income-tax authority or any person authorized by such authority shall upload an annual information statement in the registered account of the taxpayer in such form and manner, within such time and along with such information that the income tax authority possesses, as may be prescribed. Learn » Income Tax » Annual Information Statement Replaces Form 26AS Annual Information Statement Replaces Form 26ASįinance Act, 2020 had inserted a new section 285BB in the Income Tax Act 1961.

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