Merging information from different sources like TDS; SFT; etc., the Government has recently developed a new comprehensive statement known as ‘Annual Information Statement’. Along with the ‘Annual Information Statement’, a summarized view of the information is made available to the taxpayer in a statement known as ‘Taxpayers Information Summary’.

The present article deals with one of the information categories of ‘Annual Information Statement’ that is ‘Cash withdrawals’.

Information source for the category ‘Cash withdrawals’ under ‘Annual Information Statement’-

Annual Information Statement – Cash withdrawals

The different source of information for the information category ‘Cash withdrawals’ under ‘Annual Information Statement’ is tabulated hereunder-

Particulars Source of Information
Cash withdrawals from the current account Information relating to cash withdrawals from 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.

Cash withdrawals from an account other than the current account Sometimes, information relating to cash withdrawals from 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 withdrawals TDS is deductible as per provisions of section 194N of the Income Tax Act, in respect of withdrawal of the amount in cash exceeding the specified limit. Accordingly, the deductor is liable to furnish TDS return in Form 26Q covering details of TDS deducted and amount thereon.

Information so furnished by the deductor in Form 26Q will be taken up under the Annual Information Statement.

Processing under ‘Annual Information Statement’ for the information category ‘Cash withdrawals’-

Following two specifications of AIS processing is provided-

1. In case of Statement of Financial Transaction (i.e., SFT) information reported in account-based reporting format, that is where one bank account is reported with more than one person (e.g. joint account holder) – then such information will be reflected in ‘Annual Information Statement’ of all the related person (along with the relationship type) that will enable submission of feedback.

2. A higher amount of cash withdrawals reported in Form 61A or Form 26Q will be retained. Whereas, information sources with a lower amount of cash withdrawals will be marked as ‘Information is duplicate/ included in other information’.

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