The Central Board of Direct Taxes (CBDT) has announced 57 types of income and expenses, which are now included in the Income-tax portal's Annual Information Statement (AIS). This list is intended to provide taxpayers with extensive information to guarantee proper filing and compliance. The notification details a wide range of income and expenses, from salaries and rent received to more specific items such as lottery winnings, foreign travel expenses, donations received, etc.
This is the complete list of the items now included in the AIS:
1. Salary
2. Rent received
3. Dividend
4. Interest from savings bank
5. Interest from deposit.
6. Interest from others.
7. Interest from income tax refund
8. Rent on plant & machinery
9. Winnings from lottery or crossword puzzle u/s 1158B
10. Winnings from horse race u/s 115BB
11. Receipt of accumulated balance of PF from employer u/s 111
12. Interest from infrastructure debt fund u/s 115A(1)(a) (ia)
13. Interest from specified company by a non-resident u/s 115A(1)(a)(aa)
14. Interest on bonds and government securities
15. Income in respect of units of non-resident u/s 115A(1) (a)(ab)
16. Income and long-term capital gain from units by an offshore fund u/s 115AB(1)(b)
17. Income and long-term capital gain from foreign currency bonds or shares of Indian companies u/s 115AC
18. Income of foreign institutional investors from securities u/s 115AD(1) (1)
19. Income of Specified Fund from securities u/s 115AD(1)(1)
20. Insurance commission
21. Receipts from life insurance policy.
22. Withdrawal of deposits under the national savings scheme
23. Receipt of commission etc. on sale of lottery tickets
24. Income from investment in securitization trust
25. Income on account of repurchase of units by MF/UTI
26. Interest or dividend or other sums payable to the government
27. Income of specified senior citizen
28. Sale of land or building
29. Receipts for transfer of immovable property.
30. Sale of vehicle
31. Sale of securities and units of mutual fund
32. Off-market debit transactions
33. Off-market credit transactions
34. Business receipts
35. GST turnover
36. GST purchases
37. Business Expenses
38. Rent payment
39. Miscellaneous payment
40. Cash deposits
41. Cash withdrawals
42. Cash payments
43. Outward foreign remittance/purchase of foreign currency
44. Receipt of foreign remittance
45. Payment to non-resident sportsmen or sports associations u/s 1158BA
46. Foreign travel
47. Purchase of immovable property.
48. Purchase of vehicle
49. Purchase of time deposits
50. Purchase of securities and units of mutual funds
51. Credit/Debit card
52. Balance in account
53. Income distributed by business trust
54. Income distributed by investment fund
55. Donations received
56. Receipt on transfer of Virtual Digital Assets
57. Winning from Online Games u/s 115 BBJ
Understanding the above-mentioned categories and ensuring proper reporting helps with the elimination of errors and increases compliance. Taxpayers should stay up-to-date on these changes and appropriately reflect them in their filings. The comprehensive AIS intends to simplify and clarify the process, making sure that all taxable income and deductible expenses are properly reported.
What is an Annual Information Statement (AIS)?
The Annual Information Statement (AIS) provides details of various financial transactions undertaken by the taxpayer that may have tax implications. AIS is listed based on the financial data received from multiple information sources,
The AIS is available to all registered Income Taxpayers through the Income Tax department’s compliance portal. Taxpayers can access it through the e-filing website (incometax.gov.in).
New Feedback Mechanism in AIS
Earlier this month, the Central Board of Direct Taxes (CBDT) rolled out new functionality in AIS enabling the display of the status of the information confirmation process.
As per the update, the taxpayers have been provided with the functionality to furnish feedback on every transaction displayed therein. This feedback mechanism is intended to help the taxpayer to comment on the accuracy of the information provided by the Source of such information.
In case of wrong reporting, the matter is taken up with the Source for their due confirmation, in an automated manner. The Ministry of Finance has also stated that the information confirmation is currently made functional concerning information furnished by Tax Deductors/Collectors and Reporting Entities. The new functionality is expected to boost transparency by displaying such information in AIS to the taxpayers.
