With a view to widen up the tax base and boost up the tax collection, over the last few years, the Government is continuously expanding the scope of the information collected by revenue authorities from various different sources vis-à-vis the income being earned by the taxpayers.
Taking a step ahead towards the above pointed goal, Government, recently, rolled out the ‘Annual Information Statement’. Some of the featured objectives likely to be satisfied with the introduction of ‘Annual Information Statement’ is-
- To provide a comprehensive view of details covering all the financial transactions;
- To promote voluntary compliance;
- To enable seamless filing of income tax returns;
- To deter/ reduce instances of non-compliance etc.
The current article briefly covers an explanation of one of the information categories of ‘Annual Information Statement’ i.e., ‘Miscellaneous payments’.
Key information source for the information category ‘Miscellaneous Payments’ under Annual Information Statement-
‘Annual Information Statement’ for the information category ‘Miscellaneous payments’ will grab the information from the following sources-
| Particulars | Source of information |
| Payment towards contract/ work | TDS is deductible as per provisions of section 194M of the Income Tax Act. Accordingly, the deductor is liable to furnish details of TDS deducted and amount thereon via return in Form 26QD. Information so provided by the deductor will be taken up in the ‘Annual Information Statement’. |
| Purchase of bank drafts/ pay orders | In case the PAN is not reported by the transacting party, then such purchase of bank drafts/ pay orders will be reported in Form 61. Information so provided in Form 61 will be considered under ‘Annual Information Statement’. |
| Payment to hotel | In case the PAN is not furnished by the transacting party, then such payment to a hotel will be reported in Form 61. Information so provided in Form 61 will be considered under ‘Annual Information Statement’. |
| Payment as life insurance premium | In case the PAN is not furnished by the transacting party, then such payment towards life insurance premium will be reported via Form 61. Information so provided in Form 61 will be considered under ‘Annual Information Statement’. |
| Payments made in respect of credit cards | Details relating to payments made in respect of credit cards is furnished by the reporting entities in Form 61A. Information so provided in Form 61A will be considered under ‘Annual Information Statement’. |
Author Bio
i have received mail from income tax department. it is showing miscellaneuos paymnet @70,00,000/
which was doing transaction through credit card. every paymnet has gone timely but we dont know that we have doing this transaction which will come income tax. in this situation what will do.