ITR Filing 2024: No Cheating! Income Tax Dept Can Track Your Earnings From THSE 57 Sources; Check List

ITR Filing 2024: If you thought, you could fool the Income Tax department by hiding your income, you are wrong.

New Delhi: Income Tax Return (ITR) filing is an annual exercise that individuals --whether salaried or business or consultant --performs as a responsible and law-abiding citizen.

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.