‘Annual Information Statement’ is a comprehensive statement covering details of all the financial transactions undertaken by the taxpayer in a particular Financial Year. On the other hand, ‘Taxpayers Information Summary’ is a simplified/ summarized statement covering all the details as briefed under ‘Annual Information Statement’.
Due to the new introduction, it is necessary to understand all the information categories of ‘Annual Information Statement’. Accordingly, the present article deals with one of the information categories ‘Credit/ debit card’ covered under ‘Annual Information Statement’.
Key information source relating to information category ‘Credit/ debit card’ under ‘Annual Information Statement’-
In case the transacting party doesn’t furnish PAN, then the reporting entity will report the information relating to application for issuance of credit card/ debit card via Form 61.
Information so furnished by the reporting entity via Form 61 will be taken into consideration for the information category ‘credit/ debit card’ under the Annual Information Statement.
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