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

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SSV said:
Item 51 &
Item 52
are very interesting ...

Let us see what they are reporting ...in details...
Will be revealed in a week or two.. 😉

View attachment 55453
Click to expand...
They aren't reporting any balance or credit/debit card unless some limits have been crossed via the tax payer

And debit card is definitely not gonna be reported

Credit card - above 10L payments towards card in FY

There's no such limit for accounts. Only if you cross certain limit of Txn then it is necessary to file ITR

And in the list above, most of items are related to TDS/TCS provisions
 
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varun__goel_ said:
They aren't reporting any balance or credit/debit card unless some limits have been crossed via the tax payer

And debit card is definitely not gonna be reported

Credit card - above 10L payments towards card in FY

There's no such limit for accounts. Only if you cross certain limit of Txn then it is necessary to file ITR

And in the list above, most of items are related to TDS/TCS provisions
Click to expand...
have you seen the details of this document?? or your educated guess?
 
Basically with such additions to AIS, message to Salaried Class -> not a single penny (made out of tax deducted income) will be allowed for you to get it un-reported & save tax on it LOL; though most of the people from this category are already paying genuine taxes since past many years.

Real deal will be to build some mechanisms to identify Cash based Txns and report it into AIS, then only the country's tax burden will get distributed equally with non salaried class 🙂
 
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varun__goel_ said:
Which document are you referring to?

I just read the article linked here

Many banks have already reported the required data, and no balances are reported. Only the interest amount as usual is reported

There is no provision for DC as of now
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Yes.. that s what I am saying.. we need more details about Item no 51 and 52...
If not this year... from next year they may implement... but still need to know what exactly item no 51 and 52 contain...
 
Rishabh said:
Basically with such additions to AIS, message to Salaried Class -> not a single penny (made out of tax deducted income) will be allowed for you to get it un-reported & save tax on it LOL; though most of the people from this category are already paying genuine taxes since past many years.

Real deal will be to build some mechanisms to identify Cash based Txns and report it into AIS, then only the country's tax burden will get distributed equally with non salaried class 🙂
Click to expand...
though most of the people from this category are already paying genuine taxes since past many years. ☠️
 
SSV said:
Yes.. that s what I am saying.. we need more details about Item no 51 and 52...
If not this year... from next year they may implement... but still need to know what exactly item no 51 and 52 contain...
Click to expand...
Is this list officialy from ITD/CBDT?
Not able to see any official notification from their side

Confirming so, because few txns are missing here which are reported in AIS

And how will balance be reported? Balance in account changes almost every day....
 
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Riya Sharma said:
So won’t people who pay their cc bill via dc get fucked over?
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There are 40 Crore households in India and only 7.7 Crore file ITR or 4 Crore household file ITR (Some houses have multiple tax payer)...As per Niti Ayog only 5% people are BPL i.e. 2 Crore or 1 Crore household....Rest 35 Crore household (40-4-1) have ZERO Income 😀 & living on AIR. In short, they are evading taxes

A friend of mine from reputed profession (don't want to name) earn 20 lakh per month only in cash...Spend & Buy everything in cash...No Swiggy/Zomato account, NO UPI, Pay school feees in cash (small school), No Amazon/Flipkart, Only one bank Account with 30k Balance....

Income tax payer right now
 

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nits123 said:
There are 40 Crore households in India and only 7.7 Crore file ITR or 4 Crore household file ITR (Some houses have multiple tax payer)...As per Niti Ayog only 5% people are BPL i.e. 2 Crore or 1 Crore household....Rest 35 Crore household (40-4-1) have ZERO Income 😀 & living on AIR. In short, they are evading taxes

A friend of mine from reputed profession (don't want to name) earn 20 lakh per month only in cash...Spend & Buy everything in cash...No Swiggy/Zomato account, NO UPI, Pay school feees in cash (small school), No Amazon/Flipkart, Only one bank Account with 30k Balance....

Income tax payer right now
Click to expand...
Where does he invest the saved money
 
Riya Sharma said:
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
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Many EUROPEAN nations already been doing for a few years now.

I personally know about France n Malta.

Download the pre-filled estimate by Tax Authorities, tally and confirm the same. Very rarely, their figures n our figures do not match. So, just browse and tick mark them all and submit online.

All, thanks to low population, willingness to comply n contribute, all-around 360 degrees reporting of all trxns, more stringent laws and strict penalties.

We too might see it soon here - max 2 years.
 
she could also invest in a stable cryptocurrency to get returns and not even pay taxes either, this is how I do it.
 
nits123 said:
There are 40 Crore households in India and only 7.7 Crore file ITR or 4 Crore household file ITR (Some houses have multiple tax payer)...As per Niti Ayog only 5% people are BPL i.e. 2 Crore or 1 Crore household....Rest 35 Crore household (40-4-1) have ZERO Income 😀 & living on AIR. In short, they are evading taxes

A friend of mine from reputed profession (don't want to name) earn 20 lakh per month only in cash...Spend & Buy everything in cash...No Swiggy/Zomato account, NO UPI, Pay school feees in cash (small school), No Amazon/Flipkart, Only one bank Account with 30k Balance....

Income tax payer right now
Click to expand...
Just got curious about her profession? Lawyer...CA...real estate...politics....online influencer?
 
I wish the entities reporting the data do it in a consistent format. The biggest violator is the office of the postmaster general Chennai. This entity reports the amounts of the NSC, KVP, etc maturing in the current year. Which is a major headache for those of us who have been paying tax on the accrued interest year after year during the term of the scheme. This is the way (tax on interest accrued) every other entity reports/deducts. What is odd is that the same entity (PMG Chennai) does it in the normal fashion (tax on accrued interest) for one of their products (SCSS, I think). I wish we could complain to the IT department about PMG Chennai
 
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Copycat said:
I wish the entities reporting the data do it in a consistent format. The biggest violator is the office of the postmaster general Chennai. This entity reports the amounts of the NSC, KVP, etc maturing in the current year. Which is a major headache for those of us who have been paying tax on the accrued interest year after year during the term of the scheme. This is the way (tax on interest accrued) every other entity reports/deducts. What is odd is that the same entity (PMG Chennai) does it in the normal fashion (tax on accrued interest) for one of their products (SCSS, I think). I wish we could complain to the ITD department about PMG Chennai
Click to expand...
Yes this is correct.. it is really painful from tax payers perspective if the reporting entity doesn’t follow the rules consistently..
 
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