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‘Annual Information Statement’ for every taxpayer is prepared based on the information collected from various sources. For the information category ‘Outward foreign remittance/ purchase of foreign currency’, ‘Annual Information Statement’ will majorly collect information from Form 15CC. The said information category is briefly explained in the present article.
Various information sources for the information category ‘Outward foreign remittance/ purchase of foreign currency’ under ‘Annual Information Statement’-
According to rule 37BB of the Income Tax Rules, 1962, the authorized dealer is required to furnish a quarterly statement in Form 15CC reporting the outward foreign remittance. The following information will be collected from the said quarterly statement under ‘Annual Information Statement’-
| Purpose code | Information collected |
| S0001 | Indian Portfolio Investment abroad in equity shares (Foreign Portfolio Investments) |
| S0002 | Indian Portfolio Investment abroad in debt instrument (Foreign Portfolio Investments) |
| S0003 | Indian Portfolio Investment abroad in equity shares (Foreign Direct Investments) |
| S0004 | Indian Portfolio Investment abroad in debt instrument (Foreign Direct Investments) |
| S0005 | Indian Portfolio Investment abroad in real estate (Foreign Portfolio Investments) |
| S0006 | Repatriation of FDI in equity shares (Foreign Direct Investments) |
| S0007 | Repatriation of FDI in debt instrument (Foreign Direct Investments) |
| S0008 | Repatriation of FDI in real estate (Foreign Direct Investments) |
| S0009 | Repatriation of foreign portfolio investment in equity shares (Foreign Portfolio Investments) |
| S0010 | Repatriation of foreign portfolio investment in debt instruments (Foreign Portfolio Investments) |
| S0011 | Loans extended to non-residents (External Commercial Borrowings) |
| S0012 | Repayment of Long- and medium-term loans received from non-residents (External Commercial Borrowings) |
| S0013 | Repayment of short term loans received from non-residents (External Commercial Borrowings) |
| S0014 | Repatriation of non-resident deposits (FCNR(B)/ NR(E)RA etc.) (Banking capital) |
| S0015 | Repayment of loans and overdrafts taken by ADs on their own account (Banking capital) |
| S0016 | Sale of the foreign currency against another foreign currency (Banking capital) |
| S0017 | Acquisition of non-produced non-financial assets -Government (Capital Account) |
| S0018 | Other capital payments not included elsewhere (Banking capital) |
| S0019 | Acquisition of non-produced non-financial assets -Non- Government (Capital Account) |
| S0020 | Payments made on account of margin payments under financial derivative transactions (Financial Derivatives & Others) |
| S0021 | Payments made on account of sale of shares under ESOP (Financial Derivatives & Others) |
| S0022 | Investment in Indian Depositories Receipts (i.e., IDRs) (Financial Derivatives & Others) |
| S0023 | Opening of foreign currency account abroad with the bank (Financial Derivatives & Others) |
| S0024 | External Assistance extended by India to Foreign governments (External Assistance) |
| S0025 | Repayments made on account of an external assistance received by India (External Assistance) |
| S0026 | Capital transfers -Government (Capital Account) |
| S0027 | Capital transfers -Non-Government (Capital Account) |
| S0099 | Other capital payments which are not included elsewhere (Capital Account) |
| S0101 | Advance payments against imports (Imports) |
| S0102 | Payment towards imports settlement of invoice (Imports) |
| S0103 | Imports by diplomatic missions (Imports) |
| S0104 | Intermediary trade/ transit trade (Imports) |
| S0108 | Goods acquired under merchanting/ payment against import leg of merchanting trade (Imports) |
| S0109 | Payments made for imports from Bhutan and Nepal (Imports) |
| S0190 | Imports below INR 500 (Imports) |
| S0201 | Payments for surplus freight/ passenger fare by foreign shipping companies (Transport) |
| S0202 | Payment for operating expenses of Indian shipping companies (Transport) |
| S0203 | Freight on imports -Shipping companies (Transport) |
| S0204 | Freight on exports -Shipping companies (Transport) |
| S0205 | Operational leasing/ rental of vessels -Shipping companies (Transport) |
| S0206 | Booking of passages abroad -Shipping companies (Transport) |
| S0207 | Payments for surplus freight/ passenger fare by foreign airlines companies (Transport) |
| S0208 | Operating expenses of Indian airlines companies (Transport) |
| S0209 | Freight on imports -Airlines companies (Transport) |
| S0210 | Freight on exports -Airlines companies (Transport) |
| S0211 | Operational leasing /rental of vessels -Airlines companies (Transport) |
| S0212 | Booking of passages abroad -Airlines companies (Transport) |
| S0213 | Payments on account of demurrage, stevedoring, port handling charges etc. (Transport) |
| S0214 | Payments on account of demurrage, stevedoring, port handling charges etc. -Shipping companies (Transport) |
| S0215 | Payments on account of demurrage, stevedoring, port handling charges etc. – Airline companies (Transport) |
| S0216 | Payments for passenger -Shipping companies (Transport) |
| S0217 | Other payments by shipping companies (Transport) |
| S0218 | Payments for passenger -Airlines companies (Transport) |
| S0219 | Other payments by Airlines companies (Transport) |
| S0220 | Payments on account of the freight under other modes of transport (Transport) |
| S0221 | Payments on account of the passenger fare under other modes of transport (Transport) |
| S0222 | Postal and courier services by air (Transport) |
| S0223 | Postal and courier services by sea (Transport) |
| S0224 | Postal and courier services by others (Transport) |
| S0301 | Business travel (Travel) |
| S0302 | Travel under basic travel quota (Travel) |
| S0303 | Travel for pilgrimage (Travel) |
| S0304 | Travel for medical treatment (Travel) |
| S0305 | Travel for education (Travel) |
| S0306 | Other travel (Travel) |
| S0401 | Postal services (OLD) |
| S0402 | Courier services (OLD) |
| S0403 | Telecommunication services (OLD) |
| S0404 | Satellite services (OLD) |
| S0501 | Construction projects abroad by Indian companies (Construction Services) |
| S0502 | Cost of construction etc. relating to projects executed by foreign companies in India (Construction Services) |
| S0601 | Life Insurance Premium other than term insurance (Insurance and Pension Services) |
| S0602 | Freight insurance relating to import and export of goods (Insurance and Pension Services) |
| S0603 | Other general insurance premiums (Insurance & Pension Services) |
| S0604 | Reinsurance premium (Insurance and Pension Services) |
| S0605 | Auxiliary services including commission on insurance (Insurance & Pension Services) |
| S0606 | Settlement of claims (Insurance & Pension Services) |
| S0607 | Insurance claim settlement of non-life insurance and life insurance (Insurance & Pension Services) |
| S0608 | Life claim settlements (Insurance & Pension Services) |
| S0609 | Standardized guarantee services (Insurance and Pension Services) |
| S0610 | The premium for pension funds (Insurance & Pension Services) |
| S0611 | Periodic pension entitlements by an Indian Pension Fund Companies (Insurance & Pension Services) |
| S0612 | Invoking of standardized guarantees (Insurance & Pension Services) |
| S0701 | Financial intermediation charges (Financial Services) |
| S0702 | Investment, underwriting commission, banking brokerage etc. (Financial Services) |
| S0703 | Auxiliary service charges on the operation and regulatory fees etc. (Financial Services) |
| S0801 | Hardware consultancy/ implementation (Telecommunication, computer and information services) |
| S0802 | Software consultancy/ implementation (Telecommunication, computer and information services) |
| S0803 | Database, data processing charges (Telecommunication, computer and information services) |
| S0804 | Repair & maintenance of computer and software (Telecommunication, computer and information services) |
| S0805 | News agency services (Telecommunication, computer and information services) |
| S0806 | Subscription to periodicals, newspapers (Telecommunication, computer and information services) |
| S0807 | Off-site software imports (Telecommunication, computer and information services) |
| S0808 | Telecommunication services (Telecommunication, computer and information services) |
| S0809 | Satellite services (Telecommunication, computer and information services) |
| S0901 | Franchises services (Charges for the use of an intellectual property) |
| S0902 | Payment for use through licensing arrangements of produced originals/ prototypes, patents etc. (Charges for the use of an intellectual property) |
| S0903 | Merchanting services -net payments (Charges for the use of an intellectual property) |
| S1002 | Trade-related to services commission on exports/ imports (Other Business Services) |
| S1003 | Operational leasing services without operating the crew including charter hire -Airlines Companies (Other Business Services) |
| S1004 | Legal Services (Other Business Services) |
| S1005 | Accounting, book keeping, auditing services (Other Business Services) |
| S1006 | Business & management consultancy and public relation services (Other Business Services) |
| S1007 | Advertising, trade fair service (Other Business Services) |
| S1008 | Research and Development Services (Other Business Services) |
| S1009 | Architectural Services (Other Business Services) |
| S1010 | Agricultural Services (Other Business Services) |
| S1011 | Payments towards the maintenance of offices abroad (Other Business Services) |
| S1012 | Distribution services (Other Business Services) |
| S1013 | Environmental Services (Other Business Services) |
| S1014 | Engineering Services (Other Business Services) |
| S1015 | Tax Consulting Services (Other Business Services) |
| S1016 | Market research & public opinion polling service (Other Business Services) |
| S1017 | Publishing & printing services (Other Business Services) |
| S1018 | Mining Services (Other Business Services) |
| S1019 | Other services which are not included elsewhere (Other Business Services) |
| S1020 | Commission agent services (Other Business Services) |
| S1021 | Wholesale & retailing trade services (Other Business Services) |
| S1022 | Operational leasing services without operating the crew including charter hire -Shipping Companies (Other Business Services) |
| S1023 | Other technical services including scientific/ space services (Other Business Services) |
| S1099 | Other services which are not included elsewhere (Other Business Services) |
| S1101 | Audio visual & related services (Personal, Cultural and Recreational services) |
| S1102 | Personal, cultural services (Personal, Cultural and Recreational Services) |
| S1103 | Radio & television production, distribution and transmission service (Personal, Cultural and Recreational Services) |
| S1104 | Entertainment Services (Personal, Cultural and Recreational services) |
| S1105 | Museums, archival and library services (Personal, Cultural and Recreational services) |
| S1106 | Recreation & sporting activity services (Personal, Cultural and Recreational services) |
| S1107 | Education (Personal, Cultural and Recreational services) |
| S1108 | Health services (Personal, Cultural and Recreational services) |
| S1109 | Other Personal, Cultural and Recreational services (Personal, Cultural and Recreational services) |
| S1201 | Maintenance of Indian embassies abroad -Government not included elsewhere |
| S1202 | Remittance by foreign embassies in India -Government not included elsewhere |
| S1301 | Remittance for family maintenance & savings (Secondary Income) |
| S1302 | Remittance towards personal gifts & donations (Secondary Income) |
| S1303 | Remittance towards donations to religious & charitable institutions abroad (Secondary Income) |
| S1304 | Remittance towards donations and grants to other charitable institutions & governments (Secondary Income) |
| S1305 | Contributions/ donations by the Government to an international institution (Secondary Income) |
| S1306 | Remittance towards payment/ refund of taxes (Secondary Income) |
| S1307 | Outflows of migrant transfers (Secondary Income) |
| S1401 | Compensation of employees (Primary Income) |
| S1402 | Remittance for interest on Non- resident deposits [FCNR(B)/ NR(E)RA, etc.] (Primary Income) |
| S1403 | Remittance towards interest on loans from a non-resident (ST/ MT/ LT loans) (Primary Income) |
| S1404 | Remittance of interest on debt securities, debentures, bonds, FRNs etc. (Primary Income) |
| S1405 | Remittance towards interest payment by ADs on their account (Primary Income) |
| S1406 | Repatriation of profits (Primary Income) |
| S1407 | Payment or repatriation of dividends (Primary Income) |
| S1408 | Remittance of profit by FDI enterprises in India (Primary Income) |
| S1409 | Remittance of dividend by FDI enterprises in India on investment fund and equity shares (Primary Income) |
| S1410 | Payment of interest by FDI enterprises in India to Parent company abroad (Primary Income) |
| S1411 | Remittance of interest income on account of the portfolio investment in India (Primary Income) |
| S1412 | Remittance of dividend on account of the portfolio investment in India on investment fund and equity shares (Primary Income) |
| S1501 | Refunds, rebates, reduction in invoice value on account of exports (Others) |
| S1502 | Reversal of wrong entries/ refunds of the amount remitted for non-exports (Others) |
| S1503 | Payments by residents towards international budding (Others) |
| S1504 | Notional sales when export bills are dishonored/ crystalized/ cancelled and reversed from suspense account (Others) |
| S1505 | Deemed Imports (Others) |
| S1601 | Payments towards repair and maintenance services rendered for vessels etc. (Maintenance and repair services) |
| S1602 | Payments towards repair and maintenance services rendered for aircraft etc. (Maintenance and repair services) |
| S1701 | Payments towards the processing of goods (Manufacturing Services) |
Additionally, ‘Annual Information Statement’ will also grab the following information from the TCS return filed by the collector in Form 27EQ-
1. Remittance under LRS for an educational loan taken from the financial institutions mentioned in section 80E; and
2. Remittance under LRS for purpose other than for the purchase of overseas tour package/ for an educational loan taken from financial institutions.
Further, ‘Annual Information Statement’ will also grab the following information-
1. Purchase of foreign currency [Form 61A (SFT-011)];
2. Payments for purchase of foreign currency or remittance outside India [Form 61].
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Author Bio
Hi Sir, Could you please suggest how to declare the Remittance under LRS for the purpose of foreign travel and foreign tour package purchase in ITR 2. The TCS has been deducted by the operator for this personal tour.
Hi sir one of brother working in abroad he spend money for his expenses converted currency this transaction bank deducted TCS under sec 206C Outward foreign remittance/purchase of foreign currency, how can i shown in ITR and where it will be affect please kindly help me out
Thanks