ITR Filing 2024: No Cheating! Income Tax Dept Can Track Your Earnings From THSE 57 Sources; Check List | Personal Finance News
However, if one intends to con the income tax department while hiding their taxation liability, or under-reporting them, one must be very careful because the Income Tax Department has over 57 Sources to track your earning. These 57 types of incomes and expenses are incorporated into the Annual Information Statement (AIS) as notified by the Central Board of Direct Taxes (CBDT).
The Annual Information Statement is available to all registered Income Taxpayers through the compliance portal, accessible through the e-filing website (www.incometax.gov.in). AIS provides details of a large number of financial transactions undertaken by the taxpayer which may have tax implications. AIS is populated based on the financial data received from multiple information sources.
Here is the complete list of incomes and expenses included in the AIS, through which I-T Dept can track your earnings.
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 the 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 the 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 associations 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
It may be noted that the last date to file your ITR for FY 2023-24 or AY 2024-25 is July 31.