CBDT notifies 57 Types of Incomes and Expenses to be reported in AIS of Income Tax Portal

CBDT has announced that the AIS of the Income Tax portal will now include 57 types of income and expenses.

57 Types of Incomes and Expenses to be reflected in AIS

Reetu | May 28, 2024 |

CBDT notifies 57 Types of Incomes and Expenses to be reported in AIS of Income Tax Portal

CBDT notifies 57 Types of Incomes and Expenses to be reported in AIS of Income Tax Portal

The Central Board of Direct Taxes (CBDT) has announced that the Annual Information Statement (AIS) of the Income-tax portal will now include 57 types of income and expenses.

This thorough list is intended to offer taxpayers extensive information to guarantee proper filing and compliance.

The notification covers a wide range of income and expenses, from salaries and rent received to more specific items like as lottery winnings and international travel expenses.

Here’s a complete list of the items now included in the AIS:

Understanding these categories and ensuring proper reporting can help to eliminate errors and increase compliance. Including such a wide spectrum of incomes and expenses demonstrates the government’s commitment to transparency and thoroughness in tax management.

As a taxpayer, it is essential that you stay up-to-date on these changes and appropriately reflect them in your filings. This comprehensive AIS efforts to simplify and clarify the process, ensuring that all taxable income and deductible expenses are properly reported.

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