CBDT has issued an Order on 26.10.2021 under section 285BB of the Income-tax Act, 1961 (“Act”) to expand the reporting of information in the Annual Information Statement in Form 26AS apart from the existing information.
The new order provides for the reporting of the following information in the Annual Information Statement in Form 26AS-
1. Foreign remittance information: The Form 26AS will now report the Foreign remittance information as reported in Form 15CC. Form 15CC is a quarterly statement to be furnished by an authorised dealer in respect of quarterly remittances. As per the Section 195 of the Act read with Rule 37BB of the Income Tax Rules, 1962, every authorized dealer making a payment to a non-resident, not being a company or to a foreign company, is required to furnish statement of such payments Form 15CC.
It is required to be furnished to the competent authority of the Income Tax Department electronically within fifteen days from the end of the quarter of the financial year to which such statement relates.
2. Information related to Salary Income: The Form 26AS will now report the Information in Annexure II of the 24Q TDS Statement of the last quarter. The Annexure-II for the 4th quarter of the TDS return in Form No. 24Q actually contains the computation of salary income or total income as computed by the employer for the purpose of deduction of income-tax from the salary income of the employee. Presently, from this information, the ITR is pre-filled for Salary Income. Henceforth, the employee can see the information in his Form 26AS.
3. Cross information from Other ITRs: There are many instances where a taxpayer is required to report the PAN of other persons with whom he has carried a transaction. For example, in case of rental income under the head ‘Income from house Property’, the landlord is required to fill the PAN of the tenant. Similarly, in the case of sale of immovable property like land, building etc., the seller is required to fill the PAN of the buyer. Now, the information will reflect in the Form 26AS of the tenant/buyer. It should be noted that this information will come in the Form 26AS only after the return id filed by the landlord/seller.
4. Interest on income-tax refund: Presently, the information related to income-tax refund is already given in the Form 26AS. Now, the interest income of income tax refund will be given separately.
5. Off-market transactions: Off-market transactions of shares will be reported in the Form 26AS as reported by the RTAs.
6. Information related to Mutual Funds: Information related to dividend on Mutual Funds and purchase of mutual fund units as reported by the RTAs shall be available in Form 26AS. Presently, purchase of mutual fund units in excess of Rs. 10 Lakh is reported in Form 26AS. Now, all the purchases of mutual funds, irrespective of any amount, shall be reported in the Form 26AS.
Read the full text of the Order u/s 285BB dated 26.10.2021 on reporting of information in Form 26AS
F.No.225/155/2020/ITA-II
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, the 26th October, 2021
Order under section 285BB of the Income-tax Act, 1961 read with Rule 114-I of the Income-tax Rules. 1962
.
1. In exercise of powers conferred under section 285BB of the Income-tax Act, 1961 read with sub-rule (2) of Rule 114-I of the Income-tax Rules, 1962, the Central Board of Direct Taxes (‘Board’), hereby authorizes the Director General of Income-tax (Systems) to upload information relating to following sources, which is in her/his possession, in the Annual Information Statement in Form 26AS in the electronic filing account registered by the assessee in designated portal, within three months from the end of the month in which the information is received by her/him:
i. Foreign remittance information reported in Form 15CC
ii. Information in Annexure II of the 24Q TDS Statement of the last quarter
iii. Information in ITR of other taxpayer
iv. Interest on Income Tax Refund
v. Information in Form 61/61A where PAN could be populated
vi. Off Market Transactions Reported by Depository/ Registrar and Transfer Agent (RTA)
vii. Information about dividend of mutual fund reported by Registrar and Transfer Agent (RTA)
viii. Information about purchase of mutual fund reported by Registrar and Transfer Agent (RTA)
2. The Director General of Income-Tax (Systems) shall specify the procedures, formats and standards for the purposes of uploading the information referred to in para above in Annual Information Statement in Form 26 AS.
Ravinder Maini
Director (ITA-II), CBDT
Download CBDT Order u/s 285BB dated 26.10.2021 on reporting of information in Form 26AS in pdf format
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