Income-tax (11th Amendment) Rules, 2020

Last updated: 30 May 2020

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The Central Board of Direct Taxes has introduced the Income-tax (11th Amendment) Rules, 2020, effective from 1st June 2020. These rules amend the Income-tax Rules, 1962, by omitting rule 31AB and inserting a new rule, 114-I. This new rule establishes the Annual Information Statement, which will be uploaded to an assessee's registered account in Form No. 26AS.

MINISTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, the 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 1st day of June, 2020.

2. 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:─

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FAQ :

These are amendments made by the Central Board of Direct Taxes to the Income-tax Rules, 1962, which come into effect from 1st June 2020.

The Income-tax (11th Amendment) Rules, 2020, come into force on the 1st day of June, 2020.

Rule 31AB has been omitted, and a new rule, 114-I, concerning the Annual Information Statement, has been inserted.

It is a statement in Form No. 26AS that will be uploaded to an assessee's registered account by the Principal Director General of Income-tax (Systems) or an authorised person.

The Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems), or any person authorised by them, is responsible for uploading the statement.

The statement will be uploaded within three months from the end of the month in which the relevant information is received by the authorised personnel.