AIS Updated for FY24

[raghu.rokda]

Nothing... i always have a scare that if i spend much then will get notice even after paying taxes etc.
Last year paid 67k tax this time also will pay more than 1L taxes.
But these are my real income from my small business
Last financial year i paid around 25L of cc bill
ANd svare of this.

And here people saying they spend 1.5Cr by cc... seeing this i am nothing in spending by cc

Why you tell ITD that you pay 25L of cc bill ?

 

[tushu5121]

Why you tell ITD that you pay 25L of cc bill ?

My friend who file my itr he told me it shows in AIS

 

[raghu.rokda]

My friend who file my itr he told me it shows in AIS

Then why you do cc bill payments of more than 10L in a single(or more) cc in a particular bank

 

[tushu5121]

Then why you do cc bill payments of more than 10L in a single(or more) cc in a particular bank

Last year i did my Tumours Surgery.
For that we have to pay more than 15L that emergency time i paid the cc. And also for my wife's Maternity and mine dental Surgery.
And others Shopping related.

 

[ajitshukla19]

Last year i did my Tumours Surgery.
For that we have to pay more than 15L that emergency time i paid the cc. And also for my wife's Maternity and mine dental Surgery.
And others Shopping related.

So how you shown that in ITR , or your income is above than those bill payment?

 

[tushu5121]

So how you shown that in ITR , or your income is above than those bill payment?

My income is less than this.
Thats why i said i am scarrying..
Try to find out good CA.
The tragedy is i get only 25 to 50k mediclaim i guess.
Above all is wasted no rebated.

And Frankly i don't have any idea

 

[Shin-Chan]

My income is less than this.
Thats why i said i am scarrying..
Try to find out good CA.
The tragedy is i get only 25 to 50k mediclaim i guess.
Above all is wasted no rebated.

And Frankly i don't have any idea

if you have trails of your spends do not worry. I also got ICICI reported 11L+ which is more than my ITR but I have trails for everything hence ignoring incase notice arrives can be answered they can question but not put us behind bars so why worry unnecessarily

 

[tushu5121]

if you have trails of your spends do not worry. I also got ICICI reported 11L+ which is more than my ITR but I have trails for everything hence ignoring incase notice arrives can be answered they can question but not put us behind bars so why worry unnecessarily

Yeah.. but i am thinking a guy who spends more than 1cr by cc in a year.
In love of cashback n reward or todays trend buy at low sell at high to offline stores.

What than guy faced during filing itr.

 

[Shin-Chan]

Basically he will have to justify and if he accept gaming will have to show rewards/CB as earnings and pay taxes on that as well might also receive warning from IT also the person will be on Radar his history would be checked thoroughly for sure.


But is the person is having strong ITRs might not even raise any eyebrow.

 

[tushu5121]

Basically he will have to justify and if he accept gaming will have to show rewards/CB as earnings and pay taxes on that as well might also receive warning from IT also the person will be on Radar his history would be checked thoroughly for sure.


But is the person is having strong ITRs might not even raise any eyebrow.

Ohh... But don't you think in india Tax laws are pathetic..
I mean A saleried amployee or business peeson won't get much relief and additionally a person get more burden of taxes.
Whole year he pays taxes on various things. Even now on daily needs item that marked under huge taxes.
No mediclaim limits increased from many years its like *oonth ke muh me jeera*

A middle class man suffers the most by taxes..

 

[lightwaves]

in AIS form, sale of Mutual Funds is reported twice, once from CDSL and once from CAMS. Double amount is shown. Is this a problem? Should tax be paid on both? @Pradumya

 

[Pradumya]

in AIS form, sale of Mutual Funds is reported twice, once from CDSL and once from CAMS. Double amount is shown. Is this a problem? Should tax be paid on both? @Pradumya

The values in AIS is for reference purposes to include in ITR (BUT not to include as it is in ITR)

Whichever platform you used for MF just login and there would be an option to download Tax PnL or Capital gains report. (Use as it is values from this)
If your platform is not having that, login to cams website and download capital gains report from there. (Little extra work needs in this case with the values)

 

[lightwaves]

The values in AIS is for reference purposes not to include as it is in ITR

Whichever platform you used for MF just login and there would be an option to download Tax PnL or Capital gains report. (Use as it is values from this)
If your platform is not having that, login to cams website and download capital gains report from there. (Little extra work needs in this case with the values)

Got it! Thanks

 

[its_karan]

Got it! Thanks

Just to add here:

Use this https://www.camsonline.com/Investors/Statements/Capital-Gain&Capital-Loss-statement to download Realised MF Gains across all Mutual Funds

Requirement PAN and Registered email you gave to platforms(Groww etc)