The income tax department has recently rolled out a new ‘Annual Information Statement’ on the income tax portal. The statement provides a comprehensive view of the information to the taxpayer on their financial transactions. Notably, ‘Annual Information Statement’ is a much detailed statement that includes details like mutual fund transactions, interests, shares etc.
The current article provides a briefing on one of the information categories covered under ‘Annual Information Statement’, namely, ‘Cash payments’.
Information source for the information category ‘Cash payments’ under ‘Annual Information Statement’-
Following table explains various sources of information used to figure out the information category ‘cash payments’ under ‘Annual Information Statement’-
| Particulars | Information Source |
| Cash payments towards goods and services | Information pertaining to cash payments towards goods and services is furnished by the reporting entity through Statement of Financial Transaction – Form 61A [SFT-013].
Information so furnished under SFT- 013 will be considered under the Annual Information Statement. |
| Purchase of Bank drafts/ pay orders/ banker’s cheque in cash | Information pertaining to purchase of bank drafts/ pay order/ banker’s cheque in cash is reported by the reporting entity via Statement of Financial Transaction – Form 61A [SFT-001].
Information so furnished under SFT- 001 will be considered under the Annual Information Statement. |
| Purchase of pre-paid instruments in cash | Information relating to the purchase of pre-paid instruments in cash is reported by the reporting entity via Statement of Financial Transaction – Form 61A [SFT-002].
Information so furnished under SFT- 002 will be considered under the Annual Information Statement. |
| Purchase of bullion and jewellery in cash
|
Information relating to purchase of-
is reported by the tax collector (seller) via TCS return in Form 27EQ on a quarterly basis. Accordingly, the details are also made available to the taxpayer via TCS certificate in Form 27D. Information so furnished by the tax collector in Form 27EQ will be taken into consideration under the Annual Information Statement. |
| Purchase of any other goods (other than bullion and jewellery) in cash
|
|
| Cash payment for receipt of service |
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