Responsibility for Submission of A.I.R.

Tuesday, December 28, 2010 | comments

Accordingly to section 285BA and Rule 114E, some assessee are responsible for submitting Annual Information Return (AIR).  An assessee or a Government agency or other authority registering or maintaining a record of or who enter into any Financial Transaction with any other person, shall furnish an annual information return of such transactions entered into during a previous year in form 61A including on computer media like as CD ROM or DVD alongwith Part-A, thereof on paper, by 31the August next following.

     The return shall be furnished to the Director of Income-tax (Central Information Branch) or a person authorised by NSDL (National Securities Depository Limited).

        The 'specified financial transactions', their value and persons responsible for furnishing Annual Information Return  are given as under:-

Sr. No.
Nature and Value of Transactions
Persons responsible for furnishing A.I.R.
Cash deposit of Rs. 10 Lac or more in a year in a Saving Account
Payment by credit card holder of Rs. 2 Lac or more in a year.
Bank/Company/Institution issuing credit card.
Receipt from any person of Rs. 2 Lac or more for acquiring units of a mutual fund.
Trustee/Authorised person of Mutual Fund.
Receipt from any person of Rs. 5 Lac or more for acquiring bonds/debentures.
Company/Institution issuing bonds/debentures.
Receipt from any person of Rs. 1 Lac or more for acquiring shares.
Company issuing shares through pubic/right issue.
Purchase/Sale of immovable property of Rs. 30 Lac or more.
Receipt from any person of Rs. 5 Lac or more in a year for acquiring R.B.I. Bonds.
Authorised person of R.B.I.

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