c

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’.

Author Bio

Qualification: CA in Job / Business
Company: Taxguru Consultancy / Taxguru Edu
Location: Mumbai, Maharashtra, India
Member Since: 27 Feb 2017 | Total Posts: 971
A Blogger by Passion and a Chartered Accountant by Profession. View Full Profile

My Published Posts

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Telegram

taxguru on telegram TELEGRAM GROUP LINK

More Under Income Tax

Leave a Comment

Your email address will not be published. Required fields are marked *

Search Posts by Date

January 2022
M T W T F S S
 12
3456789
10111213141516
17181920212223
24252627282930
31