Monday, November 1, 2010

Your Uncomplete Income Tax Return without A.I.R.

Annual Information Report (AIR) in ITR-

Annual Information Report is mandatory to enter in Any Income Tax Return.   In case you have high-value transaction and you have not entered it in your Income Tax Return, your return will be treated as uncomplete.  Therefore, it is highly recommended for  everyone to  check  A.I.R. Codes in detail before submitting their Income Tax Return to avoid notice of  secrutiny from Income Tax Department on the information provided by concerned Bank/ authority  etc.  

We (all) are under wrong impression that the information regarding specified high-value transactions need to be reported to the Income Tax Authorities by the concerned Bank, Financial Institutions, Companies or Mutual Funds. But fact is that even common salaried individual need to report info on AIR in his ITR.

Location of detail of AIR in ITR-2 can be viewed in below picture.

To Know A.I.R. Codes in detail Click Here

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