The Income Tax Department, with an aim to ease up the return filing process, recently, introduced the ‘Annual Information Statement’. Notably, the ‘Annual Information Statement’ covers more information as compared to the existing Form 26AS.

‘Annual Information Statement’ will also contain a ‘Taxpayers Information Summary’ which will reflect the aggregate value of the financial transactions undertaken during the Financial Year.

The present article deals with one of the information categories ‘Income distributed by business trust’ as covered under the ‘Annual Information Statement’.

Information source for the information category ‘Income distributed by business trust’ under ‘Annual Information Statement’-

Annual Information Statement – Income distributed by business trust

Tax is deductible, on specified income distributed by a business trust to its unit holder, as per provisions of section 194LBA of the Income Tax Act.

The deductor deducting TDS under provisions of section 194LBA is required to furnish a quarterly TDS statement/ return in Form 27Q/ Form 26Q detailing the TDS deducted and amount thereon.

The information so furnished by the deductor via Form 27Q/ Form 26Q will be taken up as a source of information for the information category ‘Income distributed by business trust’ under ‘Annual Information Statement’.

Processing of information for the information category ‘Income distributed by business trust’ under ‘Annual Information Statement’-

In a case similar information is grabbed from different information types, then, ‘Annual Information Statement’ will process the information in the following manner-

1. Information showing higher value will be retained in ‘Annual Information Statement’;

2. Information showing lower value will be marked as ‘Information is duplicate / included in other information’.

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