All about the Annual Information Statement (AIS) by Income Tax

All about the Annual Information Statement (AIS) by Income Tax for Entrepreneur, Proprietors & Salaried Person

All about the Annual Information Statement (AIS) by Income Tax
1.  The Income Tax Department has announced the roll-out of a new statement namely Annual Information Statement (AIS) which would provide you with almost all details about your financial transactions during the year.

2. A taxpayer can submit online feedback if the information is erroneous or refers to another person/year, or is duplicate Here’s the list of Top 50 Transactions to be reported in the New Annual Information Statement.

  • Salary : Employer submits detailed breakup of salary, perquisites, profits in lieu of salary etc paid to the employee in Annexure II of the TDS statement (24Q) of the last quarter.
  • Rent Received : Tenants responsible for paying rent are liable to deduct tax at source on payment of rent.
  • Dividends : Dividend paid/declared by all companies (reporting entity) is reported under Statement of Financial Transactions (SFT).
  • 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
  • Winnings from horse race
  • Receipt of accumulated balance of PF from employer u/s 111
  • Interest from infrastructure debt fund
  • Interest from specified company by a non-resident u/s 115A(1)(a)(iiaa)
  • Interest on bonds and government securities
  • Income in respect of units of non-resident u/s 115A(1)(a)(iiab)
  • 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)(i)
  • Insurance commission.
  • Receipts from life insurance policy
  • Withdrawal of deposits under 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 government
  • Payment to non-resident sportsmen or sports association u/s 115BBA
  • Sale of land or building.
  • Receipts from 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
  • Business expenses
  • Rent payments
  • Miscellaneous payments
  • Cash deposits in Bank
  • Cash withdrawals from Bank C/A.
  • Cash payments : Information pertaining to Cash payments for goods and services is reported by the reporting entity in form 61A.
  • Outward foreign remittance/purchase of foreign currency
  • Receipt of foreign remittance
  • Foreign travel : Information is reported by deductor in TCS form 27EQ (quarterly statement).
  • Purchase of immovable property : Information relating to immovable property is reported by the Property Registrar through SFT.
  • Purchase of vehicle: Information is reported by deductor in TCS form 27EQ (quarterly statement).
  • Purchase of time deposits
  • Purchase of securities and units of mutual funds
  • Credit/Debit card
  • Balance in account : Details of bank account other than saving and time deposits opened during the year , as reported in Form 61.
  • Income distributed by business trust
  • Income distributed by investment fund

3. So now the income-tax department knows more about you & you have to be very careful in the next ITR filing plus proper records to be maintained by all for the above list of items as anytime the department will ask about it.

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