‘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-

Annual Information Statement – Business Expenses

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

 

 

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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