Annual Information Statement - Incomes and Expenses Reported on the Income Tax Portal

Annual Information Statement

The categories of income and expenses that will be included in the Annual Information Statement (AIS) on the Income Tax portal have been carefully delineated by the Central Board of Direct Taxes (CBDT). The objective of this effort is to guarantee taxpayer compliance and improve the accuracy of tax files. The comprehensive list of these transactions, together with the relevant circumstances and ramifications, is provided below:

Types of Income Included in the AIS

1. Salary: This includes all forms of remuneration received from employment.

2. Rent Received: Income generated from leasing out properties.

3. Dividend: Earnings distributed by companies to their shareholders.

4. Interest from Savings Bank: Interest accrued in savings bank accounts.

5. Interest from Deposits: Interest earned from fixed deposits, recurring deposits, etc.

6. Interest from Others: Interest received from sources other than banks and financial institutions.

7. Interest from Income Tax Refund: Interest paid by the government on income tax refunds.

8. Rent on Plant & Machinery: Income from leasing out plant and machinery.

9. Lottery or Crossword Puzzle Winnings (u/s 115BB): Earnings from lotteries or crossword puzzles, subject to special tax rates.

10. Horse Race Winnings (u/s 115BB): Income from winnings in horse races.

11. PF Balance from Employer (u/s 111): Provident Fund balance credited by the employer.

12. Interest from Infrastructure Debt Fund (u/s 115A(1)(a)(a)): Interest earned from investments in infrastructure debt funds.

13. Interest from Specified Company by a Non-Resident (u/s 115A(1)(a)(aa)): Interest received by non-residents from specified companies.

14. Interest on Bonds and Government Securities: Earnings from investments in bonds and government securities.

15. Income from Units of Non-Resident (u/s 115A(1)(a)(ab)): Income received from units held by non-residents.

16. Income & Long-Term Capital Gain from Offshore Fund Units (u/s 115AB(1)(b)): Gains from offshore fund units.

17. Income & Long-Term Capital Gain from Foreign Currency Bonds/Shares (u/s 115AC): Earnings from foreign currency bonds or shares.

18. Income of Foreign Institutional Investors from Securities (u/s 115AD(1)(1)): Income earned by foreign institutional investors from securities.

19. Income of Specified Fund from Securities (u/s 115AD(1)(1)): Income of specified funds from securities.

20. Insurance Commission: Commission received from insurance policies.

21. Receipts from Life Insurance Policy: Payouts received from life insurance policies.

22. Withdrawal from National Savings Scheme: Amount withdrawn from national savings schemes.

23. Commission on Sale of Lottery Tickets: Earnings from the sale of lottery tickets.

24. Income from Securitization Trust Investments: Returns from investments in securitization trusts.

25. Income from Repurchase of MF/UTI Units: Gains from repurchasing mutual fund or Unit Trust of India units.

26. Interest/Dividends Payable to the Government: Interest or dividends due to the government.

27. Income of Specified Senior Citizens: Income reported for specified senior citizens.

28. Sale of Land or Building: Revenue from selling land or buildings.

29. Receipts from Transfer of Immovable Property: Income from transferring ownership of immovable property.

30. Sale of Vehicle: Proceeds from selling vehicles.

31. Sale of Securities and Mutual Fund Units: Earnings from selling securities and mutual fund units.

32. Off-Market Debit Transactions: Non-market transactions debited from accounts.

33. Off-Market Credit Transactions: Non-market transactions credited to accounts.

34. Business Receipts: Revenue generated from business activities.

35. GST Sales Turnover: Sales turnover reported under GST.

36. GST Purchases: Purchases reported under GST.

37. Business Expenses: Expenditures incurred for business operations.

38. Rent Payment: Payments made for renting properties.

39. Miscellaneous Payments: Various other payments not classified elsewhere.

40. Cash Deposits: Money deposited in bank accounts.

41. Cash Withdrawals: Money withdrawn from bank accounts.

42. Cash Payments: Payments made in cash.

43. Outward Foreign Remittance/Purchase of Foreign Currency: Money sent abroad or used to purchase foreign currency.

44. Receipt of Foreign Remittance: Money received from abroad.

45. Payment to Non-Resident Athletes or Sports Associations (u/s 115BBA): Payments made to non-resident athletes or sports associations.

46. Foreign Travel: Expenses incurred for traveling abroad.

47. Purchase of Immovable Property: Payments made for acquiring immovable properties.

48. Purchase of Vehicle: Expenditures on buying vehicles.

49. Purchase of Time Deposits: Investments in time deposits.

50.Purchase of Securities and Mutual Fund Units: Money spent on purchasing securities and mutual fund units.

51. Credit/Debit Card Transactions: Transactions made using credit or debit cards.

52. Account Balance: Balances in bank accounts.

53. Income Distributed by Business Trust: Earnings distributed by business trusts.

54. Income Distributed by Investment Fund: Earnings distributed by investment funds.

55. Donations Received: Contributions received as donations.

56. Receipt on Transfer of Virtual Digital Assets: Earnings from transferring virtual digital assets.

57. Winnings from Online Games (u/s 115BBJ): Income from online gaming winnings, subject to special tax rates.

Implications and Benefits of the AIS

The AIS is designed to provide taxpayers with a detailed overview of their financial transactions, making it easier to file accurate tax returns. By including a wide range of income and expense categories, the AIS ensures that all relevant financial activities are accounted for. This comprehensive approach helps in reducing discrepancies and improving compliance.

How to Use the AIS

Taxpayers can access their AIS through the Income Tax portal. It is important to review the statement regularly to ensure all transactions are correctly reported. In case of any discrepancies, taxpayers should contact the reporting entities or the Income Tax Department for corrections.

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