AIR (Annual Information Return) Codes in Detail

Friday, September 10, 2010 | comments

New Saral-II (ITR-1) is simple and easy to fill Income Tax Return, while filling any return, a column is very much important to fill code respectively.   It is called as "AIR (Annual Information Return) codes, Transaction Report.  Generally nobody care regarding these codes.  In our view, everyone should study below codes in detail before submitting his Income Tax Return to avoid any frustration in future from Income Tax Department.  In New Saral-11 (ITR-1), it's column number is 26 Named as below:-

26 "Other Information (transactions reported through Annual Information Return) Please see instruction number-9(ii) for code)"


Detail of codes shown in Instruction Number-9(ii) is given as under:-
For Financial Year 2009-10
Sr. No.
Code
Nature of Transactions





  1.  
001
Cash deposits aggregating to ten lakh rupees or more in a year in any savings account by you maintained in a banking company to which the Banking Regulation Act, 1949 (10 of 1949), applied (including any bank or banking institution referred to in section 51 of that Act).






  1.  
002
Payment made by you against bills raised in respect of a credit card aggregating to two lakh rupees or more in a year.






  1.  
003
Payment made by you of an amount of two lakh rupees or more for purchase of units of
Mutual Fund.






  1.  
004
004 Payment made by you of an amount of five lakh rupees or more for acquiring bonds or debentures issued by a company or institution.






  1.  
005
Payment made by you of an amount of one lakh rupees or more for acquiring shares issued by a company





  1.  
006
Purchase by you of any immovable property valued at thirty lakh rupees or more





  1.  
007
Sale by you of any immovable property valued at thirty lakh rupees or more





  1.  
008
Payment made by you of an amount of five lakh rupees or more in a year for investment in bonds issued by Reserve Bank of India.



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