Amended and updated notes on section 285BB of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to Annual information statement.
Chapter XXIII (Sections 281 to 298) of the Income Tax Act 1961 deals with the provisions related to Miscellaneous. Section 285BB of IT Act 1961 provides for Annual information statement.
Recently, we have discussed in detail section 285BA (Obligation to furnish statement of financial transaction or reportable account) of IT Act 1961. Today, we learn the provisions of section 285BB of Income-tax Act 1961. The amended provision of section 285BB is effective for financial year 2022-23 relevant to the assessment year 2023-24.
In this article, you will learn detail of the provisions of section 285BB of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.
Section-285BB: Annual information statement
The prescribed income-tax authority or the person authorised by such authority shall upload in the registered account of the assessee an annual information statement in such form and manner, within such time and alongwith such information, which is in the possession of an income-tax authority, as may be prescribed.
Explanation: For the purposes of this section, “registered account” means the electronic filing account registered by the assessee in designated portal, that is, the web portal designated as such by the prescribed income-tax authority or the person authorised by such authority.
[Section 285BB has been inserted w.e.f. 01.06.2020 by the Finance Act 2020]