ANNUAL INFORMATION STATEMENT - REPLICA OF ONE'S FINANCIAL HEALTH

ANNUAL INFORMATION STATEMENT

From 26AS is substituted with ‘Annual Information Statement’ with effect from 1^st June 2020. So, it’s time to make out what additional information would be reflected in newly introduced ‘Annual Information Statement’. The table below gives a comparative analysis of earlier Form 26AS with the new one.

Sl.No.	Particulars of Information	Form 26AS	Annual Information Statement
1	Information Relating to TDS	Available	Available
2	Information Relating to TCS	Available	Available
3	Information Relating to Payment of Taxes	Available	Available
4	Information Relating to Income Tax Refund	Available	Available
5	Information Relating to Income Tax Demand	Not Available	Available
6	Information Relating to Pending Income Tax Proceedings	Not Available	Available
7	Information Relating to Completed Income Tax Proceedings	Not Available	Available
8	Specified Financial Transactions	Not Available	Available

What are the Specified Financial Transactions?

a)     Transaction of purchase, sale, exchange of goods or property or right or interest in a property.

b)     Transaction for rendering of any service.

c)     Transaction under works contract

d)     Transaction by way of an investment made or expenditure incurred.

e)     Transaction for taking or accepting any loan or deposit.

Who will upload the information mentioned above?

a)     Principal Director General of Income Tax (Systems)

b)     Director General of Income Tax (System)

c)     Any person authorized by them.

Who will provide the information to the Department to upload in Form Annual Information Statement?

a)     Assessee

b)     Local authority or any other public body or association.

c)     Registrar or sub registrar appointed under Registration Act, 1908

d)     Registering authority under Motor Vehicles Act, 1988

e)     Post Master under Indian Post Office Act, 1898

f)      Recognized Stock Exchange

g)     Officer of Reserve Bank of India

h)     Depository under Depositories Act, 1996.

Main Objectives for introducing the Annual Information Statement.

a)     To fasten the information collection ability of the Department.

b)     To enable faceless Income Tax Assessments and appeals effectively.

c)     To reduce leakage in income tax and to plug in the loopholes for tax evasion.

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Sanjay R Shetty

Chartered Accountant