‘Annual Information Statement’ and ‘Taxpayers Information Summary’ are the two new statements, recently, introduced by the Income Tax Department. ‘Annual Information Statement’ is a detailed statement covering all the particulars of the financial transactions carried out by the taxpayer in a Financial Year. Whereas, ‘Taxpayers Information Summary’ is a summarized statement covering a summary of the financial transactions carried out by the taxpayer.
In the current article, we will explain the information category ‘Purchase of Vehicle’ as covered under the ‘Annual Information Statement’.
Key information source for the information category ‘Purchase of Vehicle’ under ‘Annual Information Statement’-
Information under the information category ‘Purchase of Vehicle’ will be grabbed from the following sources-
TCS return-
According to provisions of section 206C(1F), every seller receiving sale consideration of a motor vehicle exceeding INR 10 Lakhs is liable to collect TCS @ 1%.
After collecting TCS, the collector is required to furnish quarterly TCS return in Form 27EQ and correspondingly issue a TCS certificate in Form 27D to the collectee.
The information so furnished by the collector via TCS return in Form 27EQ will be considered for the information category ‘Purchase of Vehicle’ under ‘Annual Information Statement’.
Form 61-
In case the transacting party doesn’t furnish PAN, the payment for the purchase of motor vehicles will be reported via Form 61. Accordingly, the information furnished via Form 61 will also be considered under the ‘Annual Information Statement’.
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