In simple terms, the ‘Annual Information Statement’ is a comprehensive statement covering details of all the financial transactions undertaken by the taxpayer in the Financial Year. Whereas, ‘Taxpayers Information Summary’ is a summarized form of the said financial details.
In the present article, we will look at one of the information categories covered under ‘Annual Information Statement’ that is ‘Foreign Travel’.
Key information source for information category ‘Foreign Travel’ under ‘Annual Information Statement’-
As per provisions of section 206C(1G)(b) of the Income Tax Act, the seller of an overseas tour program package is required to collect TCS. Accordingly, post collection of TCS, the seller is also required to-
Furnish details of the same via filing quarterly TCS return in Form 27EQ; and
Issue TCS certificate in Form 27D to the collectee.
‘Annual Information Statement’ will grab the information under the information category ‘Foreign Travel’ from the TCS return filed by the collector in Form 27EQ.
However, in case the PAN is not reported by the transacting party, the payment in connection with the overseas travel is reported via Form 61. Accordingly, ‘Annual Information Statement’ will also grab the information from the said ‘Form 61’.
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