Please be aware that 50 significant Transactions are now required to be reported in Annual Information Statement to the Tax Department thru AI (Artificial IntelligenceMode ) vide AIS / TIS/form 26AS etc by the Deductor of Tax and it can be downloaded in PDF, JSON, CSV formats. They are as under:-
1.Salary
Employer submits detailed breakup of salary, perquisites, profits in lieu of salary etc paid to the employees in Above Forms .
2. Rent Received
Tenants responsible for paying rent are liable to deduct tax at source on payment of rent. Deductor reports details of amount paid/credited, date of payment, details of Tax deduction made etc. in Form 26Q./26QC /26AS /16A etc
3-7. Dividends /interest on Saving and FDR s/PPF /tax refunds etc
8Rent on plant n machinery
9. Winnings from lottery or crossword puzzles.
10. Winnings from horse race
11. Receipt of accumulated balance of PF from employer u/s 111 of the Act
12. Interest from infrastructure debt fund (Form 27Q)
13. Interest from specified company by a non-resident u/s 115A(1)(a)(iiaa)
14. Interest on bonds and government securities
15. Income in respect of units of non-resident u/s 115A(1)(a)(iiab).
16. Income and long-term capital gain from units by an offshore fund u/s 115AB(1)
17. Income and long-term capital gain from foreign currency bonds or shares of Indian companies u/s115AC
18. Income of foreign institutional investors from securities u/s 115AD(1)(I)
19. Insurance Commission
20. Receipts from life insurance policy section 10(10D) read with 194ADA
21. Withdrawal of deposits under national savings scheme (NSS)
22. Receipt of commission etc. on sale of lottery tickets (Section 194G)
23. Income from investment in securitization trust
24. Income on account of repurchase of units by MF/UTI Section 194F
25. Interest or dividend or other sums payable to government
26. Payment to non-resident sportsmen or sports association u/s 115BBA 27. Sale of land or building SFT /TIS n Form 61
28. Receipts from transfer of immovable property (26QB)
29. Sale of motor vehicles
30. Sale of securities and units of mutual fund
31. Off market debit transactions
32. Off market credit transactions
33. Business receipts (Form 26AS/AIS/TIS/26Q)
34. Business expenses – TCS / 27EQ /27D
Information pertaining to purchase of alcoholic liquor is reported by tax collector in TCS form 27EQ (quarterly statement). This information is provided by the collector to the taxpayer in Form 27D.
35. Rent payments (26QC)
36. Miscellaneous payments (26QD /16D)
37. Cash deposits
Information pertaining to cash deposits in an account other than current account is reported by banks etc in form 61A /AIS .
38. Cash withdrawals (SFT 004)
39. Cash payments to BR reported by banks in form 61A
40. Outward foreign remittance/purchase of foreign currency
Information of outward foreign remittance is reported by authorised dealer in form 15CC. Information about Remittance under LRS for educational loan taken from financial institutions mentioned in section 80E (Third proviso to Section 206C(1G)) is reported by authorised dealer through TCS form 27EQ for specified foreign remittances made by remitter PAN.Information about Remittance under LRS for purpose other than for purchase of overseas tour package or for educational loan taken from financial institution (Section 206C(1G(a))) is reported by authorised dealer through TCS form 27EQ for specified foreign remittances made by remitter PAN.
41. Receipt of foreign remittances
42. Foreign travel
Information is reported by deductor in TCS form 27EQ (quarterly statement). This information is provided by the collector to the taxpayer in Form 16D. Payment in connection with travel to any foreign country may be reported in Form 61 if the PAN is not furnished by the transacting party. PAN is populated based on aadhaar and other attributes of the person.
43. Purchase of immovable property
Information relating to immovable property is reported by the Property Registrar through SFT. The information will be shown in AIS of all buyers to enable submission of feedback. Buyer at the time of making payment towards purchase of property is liable to deduct tax from the amount paid to the seller subject to the threshold applicable. This information is reported in form 26QB. Seller of property reports the details of property buyer in schedule CG of ITR.
44. Purchase of vehicle
Information is reported by deductor in TCS form 27EQ (quarterly statement). This information is provided by the collector to the taxpayer in Form 16D./61
45. Purchase of Time Deposits. SFT
46. Purchase of securities and units of mutual funds
47. Credit/Debit card holders
48. Balance in bank account exceeding 50000/-
49. Income distributed by business trust Form 27Q
50. Income distributed by investment fund .
So now income tax department knows more about you & you have to be very careful in next ITR filing plus proper records to be maintained by all for above list of items as anytime department can ask about it*
Sudhir Sunil & Co Chartered Accountants