05 May 2011
Annual Information Return (AIR) of ‘high value financial transactions’ is required to be furnished under section 285BA of the Income-tax Act, 1961 by ‘specified persons’ in respect of ‘specified transactions’ registered or recorded by them during the financial year. The due date of filing of the return is the 31st of August of the following year.
05 May 2011
AND THE SPECIFIED PERSONS ARE: 1. A Banking Company to which the Banking Regulation Act, 1949(10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act). 2. A Banking Company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act) or any other Company or institution issuing credit card. 3.A trustee of a Mutual Fund or such other person managing the affairs of the Mutual Fund as may be duly authorized by the trustee in this behalf. 4.A Company or institution issuing bonds or debentures. 5.A Company issuing shares through public or rights issue. 6.Registrar or Sub Registrar appointed under section 6 of the Registration Act, 1908 7.A person being an officer of the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act, 1934 who is duly authorized by the Reserve Bank of India in this behalf.
SO THERE IS NO NEED TO GIVE COLUMN FOR AIR INFO IN INDIVIDUAL'S ITR FORM
05 May 2011
Income Tax Department has discontinued the practice of obtaining details of high value transactions from individuals through IT returns from AY 2011-12. So there is no need to furnish these information in IT return from this year. In fact in the new returns notified there is no space for reporting these transactions.
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