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04/02/2025

Dear All *CBDT* notifies 56 types of Incomes & Expenses to be reflected in *AIS* of IT Portal:

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 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 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 association 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

Regards
CA Sushil Talwar

01/02/2025

Please find below Highlights of Union Budget 2025

General

1. Kisan Credit Card limit enhanced from Rs. 3 lakh to Rs. 5 lakh
2. Additional Infra in 5 IIT’s set up after 2014. IIT Patna to be expanded
3. 10,000 more seats to be added in medical colleges in next year and 75,000 in next five years
4. Rs. 500 Cr. for the Centre for Excellence in AI
5. Social Welfare Scheme for GIG workers
6. Extension of Jal Jeevan Mission till 2028
7. Urban Challenge Fund of Rs. 1 lakh crore to be set up
8. Green field airports to be facilitated in Bihar in addition to Patna airport
9. Rs. 20,000 Cr. for Private Sector R&D
10. Top 50 tourist destinations to be developed. Focus on destinations linked to Budha
11. ‘Heal in India’ to be promoted
12. FDI limit for Insurance sector to be raised to 100% if entire premium invested in India.
13. Revamped KYC Registry to be rolled out
14. Customs: Rationalize tariff structure
15. 36 life saving drugs exempt from duty & 5% duty on 6 life saving drugs

Direct and Indirect tax

1. New Income tax Bill Next Week
2. New Income tax Bill to be simple and close to present
3. Personal Income Tax Reforms for Middle class
4. NIL Income tax upto 12,00,000

Under the new income tax regime, no income tax is payable for income up to ₹12 lakh! This is a big relief for many taxpayers, reducing the tax burden for middle-income earners.

NEW TAX REGIME STRUCTURE:

0-4 LK : NIL
4-8 LK : 5%
8-12 LK: 10%
12-16 LK: 15%
16-20 LK: 20
20-24 LK: 25%
ABOVE 24 LK: 30%

5. Income Tax slab changed
6. TDS and TCS rationalize
7. Limit for TDS on rent increased from Rs. 2.4 lakh to Rs. 6 lakh
8. Limit for TDS on Senior citizens enhanced from Rs. 50,000 to Rs. 1,00,000
9. TCS removed remittance for education purposes.
10. ‘Updated Return’ time limit enhanced to 4 years from present 2 years.

Regards
CA Sushil Talwar

Address

Ludhiana

Website

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