CBDT’s New AIS Guidelines: 57 Income and Expense Types to be Reported on the Income Tax Portal

The Central Board of Direct Taxes (CBDT) has recently issued a comprehensive list of 57 types of incomes and expenses to be included in the Annual Information Statement (AIS) on the Income Tax portal. This initiative aims to improve the accuracy of tax filings and ensure taxpayer compliance. Here’s an overview of these transactions and their implications:

1. Salary: All forms of employment remuneration.
2. Rent Received: Income from leasing properties.
3. Dividend: Earnings distributed by companies to shareholders.
4. Interest from Savings Bank: Interest accrued in savings bank accounts.
5. Interest from Deposits: Interest from fixed deposits, recurring deposits, etc.
6. Interest from Others: Interest received from non-bank sources.
7. Interest from Income Tax Refund: Interest on tax refunds from the government.
8. Rent on Plant & Machinery: Income from leasing plant and machinery.
9. Lottery or Crossword Puzzle Winnings (u/s 115BB): Winnings subject to special tax rates.
10. Horse Race Winnings (u/s 115BB): Income from horse race winnings.
11. PF Balance from Employer (u/s 111): Employer-contributed Provident Fund balance.
12. Interest from Infrastructure Debt Fund (u/s 115A(1)(a)(a)): Interest 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 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 from insurance policies.
21. Receipts from Life Insurance Policy: Payouts 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 Withdrawal from National Savings Scheme: Amount withdrawn from national savings schemes.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 from business activities.
35. GST Sales Turnover: Sales turnover reported under GST.
36. GST Purchases: Purchases reported under GST.
37. Business Expenses: Expenditures for business operations.
38. Rent Payment: Payments for renting properties.
39. Miscellaneous Payments: Various other unclassified payments.
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 for buying foreign currency.
44. Receipt of Foreign Remittance: Money received from abroad.
45. Payment to Non-Resident Athletes or Sports Associations (u/s 115BBA): Payments to non-resident athletes or sports associations.
46. Foreign Travel: Expenses for traveling abroad.
47. Purchase of Immovable Property: Payments 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.

Accurate reporting of these items is essential for compliance, minimizing errors, and avoiding potential penalties or audits. Staying informed and diligent about tax filings ensures transparency and makes the tax season more manageable. Happy Tax Filings!

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