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Your AIS will show these types of entries.... Verify AIS before you file your Income Tax Return....

RAMESH BABU N

TF Legend
CBDT notifies 57 types of Incomes & Expenses to be reflected in *AIS* of Income Tax Portal:

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 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 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 association 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
 
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*FY 2023-24 - ITR Filing*

BEFORE you file your ITR, do check AIS and tally ALL those indicated figures therein - with what you have collated/calculated/prepared.

Any mismatch will delay your assessment n you may get notices/demand notices from ITD.
 
*FY 2023-24 - ITR Filing*

BEFORE you file your ITR, do check AIS and tally ALL those indicated figures therein - with what you have collated/calculated/prepared.

Any mismatch will delay your assessment n you may get notices/demand notices from ITD.
So cure for this is,
wait until at least July first week...
Dont file before July 1, there may be discrapancies due to late reporting by the reporting entities...
 
Many TDS DEDUCTIONS made by big banks on FDs/TDRs and by some Companies on Dividend/Interest paid - are yet to be reported in AS26/TRACES.

WAIT till 10th/15th June and then decide - AFTER seeing the data in TRACES and AIS.
 
CBDT notifies 56 types of Incomes & Expenses to be reflected in *AIS* of Income Tax Portal:

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 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 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 association 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
guruvu garu , modify the initial post... it is 57 items .. not 56 .. Just a small correction...

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This is interesting .. let me check what is in there ...
It seems they notified these just today only.. need to wait for a week or two to get more info from each item pov...

that item no 51. Credit / Debit card will be very intersitng item...
I will keep an eye on that...

In future they will include all wallet transactions also .. my guess.. may be from next year onwards.
 
It seems they notified these just today only.. need to wait for a week or two to get more info from each item pov...

that item no 51. Credit / Debit card will be very intersitng item...
I will keep an eye on that...

In future they will include all wallet transactions also .. my guess.. may be from next year onwards.
Isn't this the same as the one where more than 10L spends on a single bank CC are reported. Not sure about DC though.
 
So won’t people who pay their cc bill via dc get fucked over?
not only that ...rotators as well.....
We dont know the details yet about what is in there... we will know soon..

What I heard from my senior CA friend on the other day, having a casual chat.....
. in a year or two our ITRs will be filled in automatically according to each section, head, sub head etc.. we just need to confirm it / dispute it.. and just lodge the ITR... easy peazy...

It is already in the pilot phase, it seems , according to internal sources...

So..it will be fun watching how it unfolds..

ITR - auto filled in almost every column... 😉


Technology perspective, it is very easily doable...
all our transactions are linked by PAN and AAdhar... very very easy to track and fill them up in the respective columns...
..Fun times .... ahead...
 
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not only that ...rotators as well.....
We dont know the details yet about what is in there... we will know soon..

What I heard from my senior CA friend.. in a year or two our ITR will be filled in automatically according to each section, head, sub head etc.. we just need to confirm it / dispute it.. and just lodge the ITR...

It is already in the pilot phase it seems according to internal sources...

So..it will be fun watching how it unfold..

ITR - auto fille din alsmot every column... 😉
Damn this is why I don’t pay taxes in India
 
Damn this is why I don’t pay taxes in India
Actually , data is also getting exchanged among the countries as well .. in a decade's time all the international transactions will also be coverd...
It is just how much effort and support it gets from all the participating countries..
If they can make a plan so that all the participating countires get benefitted, then this will also get some traction ...
 
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Actually , data is also getting exchanged among the countries as well .. in a decade's time all the international transactions are also coverd...
It is just how much effort and support it gets from all the participating countries..
If they can make a plan so that all the participating countires get benefitted, then this also gets some traction ...
America is the only country that does this right now. But they are fairly lax with it. And their are a bunch of ways to evade
 
  • Hehe
Reactions: SSV
not only that ...rotators as well.....
We dont know the details yet about what is in there... we will know soon..

What I heard from my senior CA friend on the other day, having a casual chat.....
. in a year or two our ITRs will be filled in automatically according to each section, head, sub head etc.. we just need to confirm it / dispute it.. and just lodge the ITR...

It is already in the pilot phase it seems according to internal sources...

So..it will be fun watching how it unfold..

ITR - auto filled in almost every column... 😉


Technology perspective, it is very easily doable...
all our transactions are linked by PAN and AAdhar... very very easy to track and fill them up in the respective columns...
..Fun times .... ahead...
I hope so, last FY faced issues with filing dividends and many more. Kinda learning to do it on my own
 
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Reactions: SSV
America is the only country that does this right now. But they are fairly lax with it. And their are a bunch of ways to evade
that is why I said how much will power they show in exchanging the data amongst the countries..
if each participating nation benefits from it , they will do it..

In another 10 to 20 years time, we see an entirely different world in the financial sector perspective..
Technology is KEY here.. and it is already making in-roads in every aspect of the life.. across the globe...
 
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