Revised 26AS Form - Summary
In the Budget 2020-21, a new Section 285BB in the Income Tax Act has been created to implement the revised Form 26AS. This change means that the CBDT has issued the new FORM 26AS [Annual Information Statement] through Notification No 30/2020, dated 28th May 2020. Additionally, Rule 31AB has been removed, and Rule 114-I has been added after Rule 114-H, which is intended to share annual financial information regarding each taxpayer beyond just taxes paid by TDS/TCS.
Understanding the Revised Form 26AS
The updated Form 26AS not only provides tax-related information but also includes essential details about taxpayers.
Form 26AS Download
- This form will now contain the mobile number, email ID, and Aadhar number of the taxpayer.
- Information on this Form 26AS will not just be available once a year. This will now be a live 26AS, as it will be updated regularly within three months from the end of the month when the information is received.
- The revised 26AS Form is more detailed and informative, offering a complete profile of the taxpayer for a specific year.
- With the new Form 26AS, banks, financial institutions, and other authorities will now request it during their due diligence process. This will ensure there are no major issues regarding the taxpayer or corporate entities.
- The introduction of the new 26AS makes it more challenging for any taxpayer to conceal information from banks, financial institutions, or authorities about any legal proceedings, tax demands, or disputes.
You can download the Revised 26AS in PDF format using the link provided below or through the alternative link. 📥