‘Annual Information Statement’ enables the taxpayer to view and verify the information available with the Income Tax Department; in case of discrepancies, provide feedback and also view as well as update the ‘Taxpayer Information Summary’ which is used for pre-filing the Income Tax Return.
“Off market credit transactions’ is one of the information categories covered under the ‘Annual Information Statement’ which is briefly explained in the current article.
Information source under the information category ‘Off market credit transactions’ in ‘Annual Information Statement’-
The following table explains different categories of information and source from which information will be grabbed under ‘Annual Information Statement’-
| Particulars | Information Source Description |
| Value of Off market credit transactions of Listed Equity Share (Depository) |
Depository reports the information relating to securities purchased in an off market transaction. Depository reports the same in the Statement of Financial Transaction (SFT). The transaction value will be- 1. Consideration amount, wherever the same is available; or 2. Computed on the basis of the end of day price of the security. |
| Value of Off market credit transactions of Listed Preference Share (Depository) | |
| Value of Off market credit transactions of Listed Debenture (Depository) | |
| Value of Off market credit transactions of Zero Coupon Bond (Depository) | |
| Value of Off market credit transactions of Listed Capital Indexed Bond (Depository) | |
| Value of Off market credit transactions of Unit of Equity Oriented Mutual Fund (Depository) | |
| Value of Off market credit transactions of Unit of UTI (Depository) | |
| Value of Off market credit transactions of Unit of Business Trust (Depository) | |
| Value of Off market credit transactions of Other Unit (Depository) | |
| Value of Off market credit transactions of Other Listed Securities (Depository) | |
| Value of Off market credit transactions of Unit of Equity Oriented Mutual Fund (RTA) | Registrar and transfer agent reports the information relating to mutual fund units purchased in an off market transaction. RTA reports the same in the Statement of Financial Transaction (SFT) reporting of mutual fund transactions. The transaction value will be-
1. Consideration amount, wherever the same is available; or 2. Computed on the basis of the end of day price of the security. |
| Value of Off market credit transactions of Unit of UTI (RTA) | |
| Value of Off market credit transactions of Other Unit (RTA) |
Author Bio
A client of mine has transfer off market equity share and in ais it’s purchase value is showing as nil and sale consideration is showing how to report it now ? , with zero purchase value ?
A relative of mine received off market credit transactions worth Rs. 7.5 lakhs + by wayof transmission of MF units due to demise of her husband and the same is shown in AIS for FY 2021-22 .Whether the same will be taxable in her hands while computing income for F.Y. 2021- 2022 ? Whether the same to be disclosed in ITR ?