Form 26AS replaced by Annual Information Statement

Amendment in Form 26AS

Sec 285BB was amended by the Finance Act 2020. By Income-tax (11th Amendment) Rules 2020 W.e.f. 01.06.2020 Rule 114-I has been inserted and Form 26AS shall now contain following information:

(i) TDS / TCS
(ii) Specified Financial Transactions

(iii) payment of taxes
(iv) demand and refund
(v) pending proceedings
(vi)completed proceedings

[Notification No. 30/2020/F. No. 370142/20/2020-TPL]

28th May, 2020

INCOME-TAX

G.S.R. 329(E).—In exercise of the powers conferred by section 285BB read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:—

1. Short title and commencement.-
(1) These rules may be called the Income-tax (11th Amendment) Rules, 2020.

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

In the Income-tax Rules, 1962 –

(I)                 rule 31AB shall be omitted;

(II)              after rule 114H, the following rule shall be inserted, namely:- “Annual Information Statement

114-I. (1) The Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems) or any person authorised by him shall, under section 285BB of the Income-tax Act,1961, upload in the registered account of the assessee an annual information statement in Form No. 26AS containing the information specified in column (2) of the table below, which is in his possession within three months from the end of the month in which the information is received by him:─

TABLE

Sl. No	Nature of information
(1)	(2)
(i)	Information relating to tax deducted or collected at source
(ii)	Information relating to specified financial transaction
(iii)	Information relating to payment of taxes
(iv)	Information relating to demand and refund
(v)	Information relating to pending proceedings
(vi)	Information relating to completed proceedings

Form 26AS shall be substituted by the following Form, namely:-

Form 26AS	Annual Information Statement [See rule 114-I  ]	Financial Year: XXXX-XX
		Assessment Year: XXXX-XX

                                                               Part-A

Permanent Account Number:		Aadhaar Number:
Name :
Date of Birth/Incorporation:
Mobile No. :
Email Address :
Address:

                                                                Part-B

Sl. No	Nature of information
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
7.	Any other information in relation to sub-rule (2) of rule 114-I

Compiled by :

CA IP Mukesh Mittal

B.Com., FCA, 

Insolvency Professional

Independent Director

Certified Concurrent Auditor

9215536951, 9813340495

ca.mukeshmittal@gmail.com

https://camukeshmittal.blogspot.com

DISCLAIMER: The Author has taken utmost care while drafting the article but it may occur that certain error creeps in. This article is for academic purpose and should not be treated as a professional or legal advice. The author in no case is responsible for any type of loss or damages occurred to readers of this article.

Change in definition of MSME

New Vs. Old definition of MSME

The govt. of India has changed the definition of MSME. The criteria for MSME has also been changed. Earlier the criteria was Investment in Plant and Machinery or Equipment and now the composite criteria is Investment and Annual Turnover. Earlier the criteria for manufacturing and service enterprises was different and now the criteria is same for manufacturing and service enterprises.

Below is the change in definition of MSME:

Existing MSME Classification
Manufacturing Enterprises
Micro: Investment in Plant and Machinery or Equipment < Rs. 25 Lac
Small: Investment in Plant and Machinery or Equipment < Rs. 5 Crore
Medium: Investment in Plant and Machinery or Equipment < Rs. 10 Crore

Service Enterprises
Micro: Investment in Plant and Machinery or Equipment < Rs. 10 Lac
Small: Investment in Plant and Machinery or Equipment < Rs. 2 Crore
Medium: Investment in Plant and Machinery or Equipment < Rs. 5 Crore

Revised MSME Classification
Manufacturing and Service Enterprises
Micro: Investment < Rs. 1 Crore and Turnover < Rs. 5 Crore
Small: Investment < Rs. 10 Crore and Turnover < Rs. 50 Crore
Medium: Investment < Rs. 20 Crore and Turnover < Rs. 100 Crore

Compiled by :

CA IP Mukesh Mittal

B.Com., FCA

Insolvency Professional

Independent Director

Certified Concurrent Auditor

9215536951, 9813340495

ca.mukeshmittal@gmail.com

https://camukeshmittal.blogspot.com

DISCLAIMER: The Author have taken utmost care while drafting the article but it may occur that certain error creeps in. This article is for academic purpose and should not be treated as a professional advice. The readers are advised to refer the Bare Acts and Rules before making any judgment. 

Video with Screen Share on How to register and qualify for Independent Director

Video with Screen Share on How to register and qualify for Independent Director

You tube Video Link

Video by :

CA IP Mukesh Mittal

B.Com., FCA

Insolvency Professional

Independent Director

Certified Concurrent Auditor

9215536951, 9813340495

ca.mukeshmittal@gmail.com

https://camukeshmittal.blogspot.com

Disclaimer: This Video is prepared by CA IP Mukesh Mittal and all the rights are reserved for this Video with CA IP Mukesh Mittal. This is only for personal knowledge and can not be claimed as legal opinion or any type of consultancy in this regard.