Income-tax (11th Amendment) Rules, 2020

The Central Board of Direct Taxes vide notification dated 28th May, 2020 has published the Income-tax (11th Amendment) Rules, 2020. The amendment has added the new Rule 114-I that provides for “Annual Information Statement”

Under the new Rule, The Principal Director General of Income-tax (Systems) shall upload in the registered account of the assessee an annual information statement in Form No. 26AS which shall be in his possession within three months from the end of the month in which the information is received by him.

The statement shall contain:

  1. Information relating to tax deducted or collected at source
  2. Information relating to specified financial transaction
  3. Information relating to payment of taxes
  4. Information relating to demand and refund
  5. Information relating to pending proceedings
  6. Information relating to completed proceedings

They shall come into force with effect from the 1st day of June, 2020.

Click here to read the Circular.