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As intimated during the Union Budget, the income tax department has launched the ‘Annual Information Statement’ on 1st November 2021. Basically, the ‘Annual Information Statement’ is an All-in-one statement that comprehensively covers all the details of the financial transactions undertaken by the taxpayer in a particular Financial Year.

The current article briefly explains one of the information categories, namely, ‘Income distributed by investment fund’ as covered under the ‘Annual Information Statement’.

Key information source for the information category ‘Income distributed by investment fund’ under ‘Annual Information Statement’-

The person responsible for paying any income in respect of units of an investment fund is liable to deduct TDS as per provisions of section 194LBB of the Income Tax Act. After deducting TDS, the deductor is required to furnish a TDS return/ statement in form 26Q on a quarterly basis.

Annual Information Statement – Income distributed by investment fund

The details furnished via Form 26Q by the deductor will be taken up as the information source for the information category ‘Income distributed by investment fund’ under ‘Annual Information Statement’.

Processing under ‘Annual Information Statement’ for the information category ‘Income distributed by investment fund’-

As stated, ‘Annual Information Statement’ processing and information handling for the information category ‘Income distributed by investment fund’ is summarized hereunder-

1. Information source with higher amount will be retained under the ‘Annual Information Statement’;

2. Information source with lower amount will be marked as ‘Information is duplicate/ included in other information under the ‘Annual Information Statement’.

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