Starting from AY 2023-24, the Annual Tax Statement available on the TRACES portal will only display TDS/TCS related data. Other details will be accessible through the AIS (Annual Information Statement) on the e-filing portal. Therefore, it is crucial to understand the information that will be available in the AIS.
Below is a list of information, along with descriptions, that will be provided in the AIS from AY 2023-24 onwards:
| S. No. | Information | Description |
| 1 | Salary | Employer provides a detailed breakdown of salary, perquisites, and other payments to the employee. |
| 2 | Rent received | Tenant reports rent payment details, including tax deductions, in Form 26Q/26QC. Employee reports landlord's PAN if claiming exemption under section 10(13A). |
| 3 | Interest from savings bank | Interest on savings accounts is reported in the SFT. |
| 4 | Interest from deposit | Interest on term deposits is reported in the SFT. TDS is deducted by banks and reported in Form 26Q. |
| 5 | Interest from others | Interest on other investments is reported in the SFT. TDS is deducted by banks for interest on securities and reported in Form 26Q. |
| 6 | Interest from income tax refund | Interest on income tax refunds is taxed as income from other sources. |
| 7 | Receipt of accumulated balance of PF from employer u/s 111 | Employer/relevant fund reports accumulated balance due to an employee. |
| 8 | Receipts from life insurance policy | Receipts from life insurance policy are exempt under section 10(10D) unless conditions are not met. Tax is deducted under section 194DA. |
| 9 | Withdrawal of deposits under national savings scheme | Withdrawals from NSS are taxable, and tax is deducted and reported in Form 26Q by the payer. |
| 10 | Sale of land or building | Sales consideration of immovable property is reported in the SFT and relevant forms. |
| 11 | Receipts for transfer of immovable property | Information on receipts from property transfer is reported by the buyer in Form 26QB. |
| 12 | Sale of vehicle (Form 60/61) | Sale of a motor vehicle is reported in Form 61 when PAN is not provided by the transacting party. |
| 13 | Sale of securities and units of mutual fund | Key information sources for this category include various types of sales reported in the SFT Report. |
| 14 | Off market debit transactions | Details of off-market transactions are submitted by depositories and RTAs in the SFT Report, including transaction value based on end-of-day security price and available consideration. |
| 15 | Off market credit transactions | Details of off-market transactions are submitted by depositories and RTAs in the SFT Report, including transaction value based on end-of-day security price and available consideration. |
| 16 | Business receipts | Key sources for this category include receipts from various types of contracts, fees for professional or technical services, commissions, and payments received from eCommerce operators, reported in the SFT Report. |
| 17 | Business expenses | Key sources for this category include purchases of alcoholic liquor, timber, scrap, minerals, and various goods, as well as commissions and fees paid, reported in the SFT Report. |
| 18 | GST purchases | Purchase details from the seller's GSTR 1 are received through information exchange MOU. |
| 19 | GST turnover | Sales turnover information from GSTR-3B is received through information exchange MOU. |
| 20 | Dividend | Companies report dividend payments in the Statement of Financial Transactions (SFT). TDS is deducted and reported through Form 26Q. |
| 21 | Rent payments | Payment information is reported in Form 26QC by the person making the payment. |
| 22 | Miscellaneous payments | Key sources for this category include payments made for contracts or works, bank drafts or pay orders, hotel payments, life insurance premiums, and credit card payments reported in the SFT-006. |
| 23 | Cash deposits | Reporting entities report information about cash deposits in an account in Form 61A. |
| 24 | Cash withdrawals | Reporting entities report information about cash withdrawals from an account in Form 61A. Also reported through TDS statement 26Q. |
| 25 | Interest or dividend or other sums payable to government | Income from interest, dividend, or other sums payable to the government is not subject to tax deduction. |
| 26 | Cash payments | Reporting entities report information about cash payments for goods, services, bank drafts, pay orders, and prepaid instruments in Form 61A. Tax collectors report information about goods and service receipts in TCS form 27EQ. |
| 27 | Payment to non-resident sportsmen or sports association u/s 115BBA | Information on payments to non-resident sportsmen or sports associations is reported in Form 27Q. |
| 28 | Outward foreign remittance/purchase of foreign currency | Authorized dealers report information about outward foreign remittances and educational loan remittances in Form 15CC. Also, remittances under LRS for purposes other than tour packages or educational loans are reported in TCS form 27EQ. |
| 29 | Receipt of foreign remittance | Deductors report information about payments to non-residents, such as royalties or fees for technical services, in Form 27Q. Authorized dealers report foreign remittances made by PAN holders in Form 15CC. |
| 30 | Foreign travel | Deductors report information about travel payments to foreign countries in TCS form 27EQ. Also, Form 61 is used when PAN is not provided. |
| 31 | Purchase of immovable property | Property registrars report information about immovable property purchases through SFT. Buyers are required to deduct tax from payments to sellers and report details in Form 26QB. Sellers include buyer details in schedule CG of ITR. |
| 32 | Purchase of vehicle | Deductors report information about vehicle purchases in TCS form 27EQ. Form 61 is used when PAN is not provided. |
| 33 | Purchase of time deposits | Reporting entities report information about time deposit purchases in the SFT. Form 61 is used when PAN is not provided. |
| 34 | Purchase of securities and units of mutual funds | Reporting entities report information about securities and mutual fund unit purchases in the SFT. |
| 35 | Credit/Debit card | Applications for credit/debit card issuance are reported in Form 61 when PAN is not provided. |
| 36 | Balance in account | Details of bank accounts, excluding savings and time deposits, opened during the year are reported in Form 61. Additionally, Form 61 is used for bank accounts with balances exceeding 50,000 at the end of the financial year. |
| 37 | Income distributed by business trust | Payers report information about income from business trust units in form 27Q. |
| 38 | Income distributed by investment fund | Deductors report information about income distribution from investment funds in Form 26Q on a quarterly basis. |
| 39 | Income of specified senior citizen | Banks report information in Form 26Q for senior citizens aged 75 years or above, who have only pension and/or interest income in the specified bank account and submit a declaration to the bank. |
| 40 | Rent on plant & machinery | Tenant deducts applicable tax from rent paid and reports it in TDS Form 26Q. |
| 41 | Winnings from lottery or crossword puzzle u/s 115BB | Tax is deducted by the payer from winnings and reported in TDS Form 26Q. |
| 42 | Winnings from horse race u/s 115BB | Tax is deducted by the payer from winnings and reported in TDS Form 26Q. |
| 43 | Interest from infrastructure debt fund u/s 115A(1)(a)(iia) | Payer reports interest payments in Form 27Q. |
| 44 | Interest from specified company by a non-resident u/s 115A(1)(a)(iiaa) | Payer reports interest payments in Form 27Q. |
| 45 | Interest on bonds and government securities | Payer reports interest payments in Form 27Q. |
| 46 | Income in respect of units of non-resident u/s 115A(1)(a)(iiab) | Payer reports income from Non Resident units in Form 27Q. |
| 47 | Income and long-term capital gain from units by an off shore fund u/s 115AB(1)(b) | Payer reports income and capital gains in Form 27Q. |
| 48 | Income and long-term capital gain from foreign currency bonds or shares of indian companies u/s 115AC | Payer reports income and capital gains in Form 27Q. |
| 49 | Income of foreign institutional investors from securities u/s 115AD(1)(i) | Payer reports income from securities in Form 27Q. |
| 50 | Insurance commission | Payer reports insurance commission received in Form 26Q. |
| 51 | Receipt of commission etc. on sale of lottery tickets | Commission on lottery business is subject to tax deduction under section 194G and reported in Form 26Q. |
| 52 | Income from investment in securitization trust | Payer reports income from securitization trust in Form 27Q. |
| 53 | Income on account of repurchase of units by MF/UTI | Income on unit repurchase is subject to tax deduction under section 194F and reported in Form 26Q. |
Below is a list of information, along with descriptions, that will be provided in the Form 26AS from AY 2023-24 onwards :
| Part | Information |
| Part-I | Details of Tax Deducted at Source |
| Part-II | Details of Tax Deducted at Source for 15G / 15H |
| Part-III | Details of Transactions under Proviso to Section 194B/First Proviso to Sub-section (1) of Section 194R/Proviso to Sub-section (1) of Section 194S |
| Part-IV | Details of Tax Deducted at Source u/s 194IA/194IB/194M/194S (For Seller/Landlord of Property/Contractors or Professionals/Seller of Virtual Digital Asset) |
| Part-V | Details of Transactions under Proviso to Sub-section (1) of Section 194S as per Form-26QE (For Seller of Virtual Digital Asset) |
| Part-VI | Details of Tax Collected at Source |
| Part-VII | Details of Paid Refund (For which source is CPC TDS) |
| Part-VIII | Details of Tax Deducted at Source u/s 194IA/194IB/194M/194S (For Buyer/Tenant of Property/Person making payment to contractors or Professionals/Buyer of Virtual Digital Asset) |
| Part-IX | Details of Transactions/Demand Payments under Proviso to Sub-section (1) of Section 194S as per Form 26QE (For Buyer of Virtual Digital Asset) |
| Part-X | TDS/TCS Defaults (Processing of Statements) |
You can read more about Annual Information Statement (AIS) here.
This Article was authored by Tushant a passionate blogger by .
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