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The new ‘Annual Information Statement’ shows/ reflects the complete picture of the financial details, of the taxpayer, which are available with the income tax department from different sources. ‘Annual Information Statement’ covers wider details as compared to Form 26AS.

Notably, once the ‘Annual Information Statement’ is completely operational and validated, the same will replace the existing Form 26AS. However, till then both ‘Annual Information Statement’ and ‘Form 26AS’ will run simultaneously.

The present article provides a briefing of one of the information categories ‘Purchase of time deposits’ covered under ‘Annual Information Statement’.

The key information source of the information category ‘Purchase of time deposits’ under ‘Annual Information Statement’-

Annual Information Statement – Purchase of time deposits

‘Annual Information Statement’ will grab information for the category ‘Purchase of time deposits’ from the following two sources-

1. Statement of Financial Transaction (SFT)-

Information relating to ‘Purchase of time deposits’ is furnished by the reporting entity (like banks) via Form 61A [SFT- 005]. Notably, such information covers both PAN as well as non-PAN transactions.

Said information furnished by the reporting entity will be considered under the ‘Annual Information Statement’.

2. Form 61-

Information relating to ‘Purchase of time deposits’ will be reported via Form 61 in case the PAN is not furnished by the transacting party.

‘Annual Information Statement’ will also take into consideration information furnished via Form 61.

Processing of the information category ‘Purchase of time deposits’ under ‘Annual Information Statement’-

‘Annual Information Statement’, after grabbing the details from Form 61A and Form 61, will process the information in the following manner-

1. ‘Annual Information Statement’ will list down the information on the basis of reporting entity; PAN of deposit holder and purchase value; and

2. Information source reflecting a higher value of time deposits will be retained. Whereas, information source reflecting the lower value of time deposits will be marked as ‘Information is duplicate/ included in other information’.

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