CBDT Notifies 57 Types of Incomes & Expenses to be Reflected in AIS of IT Portal

28 May 2024 /

Category : efiletax

The Central Board of Direct Taxes (CBDT) has recently notified that 57 types of income and expenses will now be reflected in the Annual Information Statement (AIS) of the Income Tax (IT) portal.

This comprehensive list aims to provide taxpayers with detailed information to ensure accurate filing and compliance.

The notification includes a wide range of income and expenses, from salaries and rent received to more specific items like lottery winnings and foreign travel expenses.

Here is the detailed list of 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 115BB
  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)(a)
  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 & long-term capital gain from foreign currency bonds/shares of 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 dividends 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 athletes or sports associations u/s 115BBA
  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 115BBJ

Understanding these categories and ensuring accurate reporting can significantly reduce errors and enhance compliance. Including such a diverse range of incomes and expenses highlights the government’s commitment to transparency and thoroughness in tax administration.

As a taxpayer, staying informed about these updates and reflecting them accurately in your filings is crucial. This detailed AIS aims to simplify the process and clarify, ensuring that all taxable incomes and deductible expenses are accounted for.

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