The Central Board of Direct Taxes (CBDT) has recently announced a significant update to the Income-tax portal's Annual Information Statement (AIS), now encompassing 57 types of income and expenses. This extensive list aims to provide you with thorough information to ensure proper filing and compliance. From salaries and rent received to lottery winnings and foreign travel expenses, the AIS covers a broad spectrum of financial transactions, making it an essential tool for every taxpayer.
What is an Annual Information Statement (AIS)?
The Annual Information Statement (AIS) is a comprehensive record that details various financial transactions undertaken by the taxpayer, which may have tax implications. Compiled from data received from multiple information sources, the AIS serves as a crucial document for ensuring that all taxable income and deductible expenses are properly reported. It is accessible to all registered Income Taxpayers through the Income Tax department’s compliance portal and can be viewed on the e-filing website.
The Complete List of Items in the AIS:
Here is the list of 57 Income and Expenses reported in AIS in 2024
Salary
Rent received
Dividend
Interest from savings bank
Interest from deposit
Interest from others
Interest from income tax refund
Rent on plant & machinery
Winnings from lottery or crossword puzzle u/s 1158B
Winnings from horse race u/s 115BB
Receipt of accumulated balance of PF from employer u/s 111
Interest from infrastructure debt fund u/s 115A(1)(a) (ia)
Interest from specified company by a non-resident u/s 115A(1)(a)(aa)
Interest on bonds and government securities
Income in respect of units of non-resident u/s 115A(1) (a)(ab)
Income and long-term capital gain from units by an offshore fund u/s 115AB(1)(b)
Income and long-term capital gain from foreign currency bonds or shares of Indian companies u/s 115AC
Income of foreign institutional investors from securities u/s 115AD(1) (1)
Income of Specified Fund from securities u/s 115AD(1)(1)
Insurance commission
Receipts from life insurance policy
Withdrawal of deposits under the national savings scheme
Receipt of commission etc. on sale of lottery tickets
Income from investment in securitization trust
Income on account of repurchase of units by MF/UTI
Interest or dividend or other sums payable to the government
Income of specified senior citizen
Sale of land or building
Receipts for transfer of immovable property
Sale of vehicle
Sale of securities and units of mutual fund
Off-market debit transactions
Off-market credit transactions
Business receipts
GST turnover
GST purchases
Business Expenses
Rent payment
Miscellaneous payment
Cash deposits
Cash withdrawals
Cash payments
Outward foreign remittance/purchase of foreign currency
Receipt of foreign remittance
Payment to non-resident sportsmen or sports associations u/s 1158BA
Foreign travel
Purchase of immovable property
Purchase of vehicle
Purchase of time deposits
Purchase of securities and units of mutual funds
Credit/Debit card
Balance in account
Income distributed by business trust
Income distributed by investment fund
Donations received
Receipt on transfer of Virtual Digital Assets
Winning from Online Games u/s 115 BBJ
Importance of the AIS:
Understanding the various categories listed in the AIS and ensuring accurate reporting is crucial for avoiding errors and enhancing compliance. The comprehensive nature of the AIS is designed to simplify and clarify the tax filing process, ensuring that all taxable income and deductible expenses are properly documented. Income Tax Return must be filed after going through the AIS statement.
How to Access the AIS:
The AIS can be accessed through the Income Tax Department’s compliance portal. Taxpayers can log in to the e-filing website to view their AIS and ensure that all relevant financial transactions are accurately reflected in their tax filings.
Staying up-to-date with these changes is essential for all taxpayers. By thoroughly understanding and accurately reporting the items listed in the AIS, taxpayers can ensure proper ITR filing and avoid potential penalties. The AIS is a valuable tool in the effort to streamline the tax filing process and enhance transparency within the tax system.
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