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of <h1>Finance Bill 2020 to Revamp Form 26AS: New Section 285BB Introduces Annual Financial Statement, Deletes Section 203AA.</h1> The Finance Bill 2020 proposes changes to Form 26AS, which currently provides information about tax deducted or paid. With technological advancements, it aims to include additional data such as property transactions and share dealings. A new section, 285BB, is proposed to mandate the income-tax authority to upload an annual financial statement to the assessee's registered account, facilitating tax compliance and return filing. As a result, section 203AA will be deleted. These changes are set to take effect from June 1, 2020.
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