‘Annual Information Statement’ is a comprehensive view of information recently made available to the taxpayer. ‘Annual Information Statement’ will soon replace the existing Form 26AS, once it gets fully validated and operational.
The present article explains the information category ‘Business expenses’ covered under the ‘Annual Information Statement’.
Information source under the category ‘Business expenses’ of ‘Annual Information Statement’-
Various expenditure is claimed and treated as ‘Business expenses’. However, at present, the information category ‘Business expenses’ as covered under ‘Annual Information Statement’ takes into consideration information from the following sources-
| Section | Particulars | Information Source | Form of information to the taxpayer |
| 206C | Purchase of alcoholic liquor |
Information relating to all the relevant purchases and collection of tax thereon is reported by the TCS collector in Form 27EQ on a quarterly basis. Information so provided via Form 27EQ will be taken up as source under ‘Annual Information Statement’. |
TCS collected by the collector will be informed to the taxpayer via TCS certificate in Form 27D. |
| 206C | Purchase of timber obtained under a forest lease | ||
| 206C | Purchase of timber through any mode other than a forest lease | ||
| 206C | Purchase of any other forest produce other than tendu leaves | ||
| 206C | Purchase of scrap | ||
| 206C | Purchase of tendu leaves | ||
| 206C | Purchase of minerals, being coal or iron ore or lignite | ||
| 206C | Purchase of specified goods other than goods on which TCS as per section 206C(1); section 206C(1F) and Section 206C(1G) is collectable | ||
| 206C | Payments made towards obtaining lease/ license/ rights etc. for parking lot | ||
| 206C | Payment made towards obtaining lease/ license/ rights etc. for toll plaza | ||
| 206C | Payment made towards obtaining lease/ license/ rights etc. for mining and quarrying | ||
| 194M | Payment towards commission or brokerage
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The TDS deductor is required to furnish a challan-cum-statement in Form 26QD within a period of 30 days from the end of the month in which TDS is deducted. Details furnished under Form 26QD will be considered under the ‘Annual Information Statement’. |
TDS deducted under section 194M will be informed to the taxpayer via TDS certificate in Form 16D. |
| 194M | Payment of professional fees |
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