Section-285BA : Obligation To Furnish Annual Information Return (AIR)

Any person being specified u/s 285BA and who is responsible for registering, or maintaining books of account or other documents, containing a record of any specified financial transaction, under any law for the time being in force, is required to furnish annual information return, in respect of such specified transaction which is registered on recorded by him during any financial year beginning on or after the 1st April, 2004.

  • Return shall be furnished to the prescribed Income-Tax Authority or such other authority or agency as may be prescribed within the prescribed time after the end of such financial year in such form and manner as may be prescribed. Such return may also be furnished on a computer readable Media.:—
  • Relevant particulars and forms available on the website of Income-tax Department (www.incometaxindia.gov.in) and also of NSDL (http://tin.nsdl.com) .The annual information return required to be furnished under section 285BA(1) shall be furnished in Form No. 61A and shall be verified in the manner indicated therein.

SPECIFIED PERSONS & TRANSACTIONS AS PER RULE  114E

Sl.No.

Class Of Person

Nature And Value Of Transaction

(1)

(2)

(3)

1.

A Banking company.

Cash deposits aggregating to Rs. 10 lakhs or more in a year in any savings account of a person maintained in that bank.

2.

A banking company or any other company or institution issuing credit card.

Payments made by any person against bills raised in respect of a credit card issued to that person, aggregating to Rs. 2 lakhs or more in the year.

3.

A trustee of a Mutual Fund.

Receipt from any person of an amount of Rs. 2 lakhs or more for acquiring units of that Fund.

4.

A company or institution issuing bonds or debentures.

Receipt from any person of an amount of Rs. 5 lakhs or more for acquiring bonds or ebentures issued by the company or institution.

5.

A company issuing shares through a public or rights issue.

Receipt from any person of an amount of Rs. 1 lakh or more for acquiring shares issued by the company.

6.

Registrar or sub-registrar appointed under section 6 of the Registration Act, 1908.

Purchase or sale by any person of immovable property valued at Rs. 30 lakhs or more.

7.

A person being an officer of the Reserve Bank of India, authorized by the Reserve Bank of India in this behalf,

Receipt from any person of an amount or amounts aggregating to Rs. 5 lakhs or more in a year for bonds issued by the Reserve Bank of India.

 

Sec. 143(3) : Scrutiny Assessments by Income Tax Department
“Penalties” Under Income Tax Act. 1956
How is a Search Operation Conducted by Income Tax Department ?
Surveys for Checking Ostentatious Expenditure
Surveys for Enforcing Compliance with Provisions of TDS
“Summon” U/s 131 of Income Tax Act.
Investigation by Income Tax Department:
Appellate Authorities of Income Tax Department
Power to Call for Information U/s Sec. 133(6) of Income Tax Act.
Specific Surveys U/s 133A(1) of Income Tax Act.
Types Of Income Subject To TDS [Deduction Of Tax At Source]
Pre-Requisite For Claiming Income Tax Refund
Benefits of Filing Income Tax Returnsn
Section-139(9): Defective Tax Return
 
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