‘Annual Information Statement’ is a new statement recently introduced by the Income Tax Department. ‘Annual Information Statement’ is prepared on the basis of various information grabbed by the department from different returns/ sources like TDS/ TCS, SFT etc.
The present article explains one of the information categories, namely, ‘Balance in account’ as covered under ‘Annual Information Statement’.
Information source for the information category ‘Balance in account’ under ‘Annual Information Statement’-
‘Annual Information Statement’ will collect the following information on the basis of Form 61-
Details of the bank account (other than a savings account and time deposits) opened during the year; and
Bank account having balance exceeding INR 50,000 at the closing of the Financial Year.
Notably, in case the taxpayer finds any discrepancy in the details covered under ‘Annual Information Statement’. Then, the taxpayer is facilitated to provide feedback on the same. Accordingly, the feedback provided by the taxpayer will be reflected separately in ‘Annual Information Statement’ and the value will be updated in ‘Taxpayers Information Summary’.
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