The Income Tax department grabs various information/ details about the income received and material transactions undertaken by the individual in the respective Financial Year from various sources. A compiled and comprehensive version of the same is now available in the form of an ‘Annual Information Statement’.
‘Annual Information Statement’ covers information in 50 different categories. One such category ‘Cash deposits’ is explained in the present article.
Information source for the category ‘Cash deposits’ under ‘Annual Information Statement’-
For information category ‘Cash deposits’, ‘Annual Information Statement’ will figure out information from the following tabulated sources-
| Particulars | Source of Information |
|---|---|
| Cash deposits in an account other than the current account | Information relating to cash deposits in an account other than the current account is furnished by the reporting entity via Statement of Financial Transaction – Form 61A [SFT-004].
Information so furnished under SFT-004 will be taken up under the Annual Information Statement. |
| Cash deposits in the current account | Information relating to cash deposits in the current account is furnished by the reporting entity via Statement of Financial Transaction – Form 61A [SFT-003].
Information so furnished under SFT-003 will be considered under the Annual Information Statement. |
| Deposit of amount in cash | In case the transacting party doesn’t furnish PAN, any cash deposits will be reported by the reporting entity in Form 61.
Information so furnished by the reporting entity in Form 61 will be considered under the Annual Information Statement. |
‘Annual Information Statement’ processing under the category ‘Cash deposits’-
It is specifically stated that in case of Statement of Financial Transaction (SFT) information reported in account-based reporting format [i.e. where one bank account is reported with more than one person e.g. joint account holder] – such information will be reflected in ‘Annual Information Statement’ of all the related person (along with relationship type) that will enable submission of feedback.
