ITR Forms

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CA PRIKSHIT GUPTA (Querist)
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02 May 2011 Is AIR schedule has been removed from ITR forms? if yes, how can an individual can file his AIR information to Income Tax Department?

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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02 May 2011 AIR Schedule has not been removed from the ITR forms.

CA PRIKSHIT GUPTA

CA PRIKSHIT GUPTA (Querist)
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03 May 2011 Dear Amol,
But there is no coloum to fill AIR detail in ITR forms

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Asha Kanta Sharma

Asha Kanta Sharma

(Expert)
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02 August 2024 The **AIR (Annual Information Return)** schedule, which was previously included in tax returns for reporting high-value transactions, has indeed been removed from the ITR forms in recent years.

Here’s how individuals can handle their AIR-related information:

### **Current Process for AIR Information:**

1. **No Specific Schedule in ITR Forms:**
- The **AIR schedule** is no longer part of the ITR forms as of AY 2015-16 and later. This schedule was removed to streamline the filing process and reduce redundancy, as the information is already available with the Income Tax Department.

2. **Information Available in Form 26AS:**
- Transactions reported under AIR are now reflected in **Form 26AS**. This form includes details of high-value transactions reported by financial institutions, such as property transactions, large cash deposits, and credit card payments.

3. **Review Form 26AS:**
- **Form 26AS** can be accessed through the **Income Tax e-filing portal**. Review this form to ensure all your high-value transactions are accurately reflected and matched against your reported income.

4. **Filing Returns:**
- When you file your return, ensure that all income and high-value transactions reported in Form 26AS are accurately included in your ITR. There is no need to separately report AIR information in your ITR.

5. **Addressing Discrepancies:**
- If there are discrepancies or if you have transactions that you believe are not reflected correctly in Form 26AS, you should provide detailed explanations in your ITR or contact the relevant financial institutions to rectify the information.

### **Steps to Access Form 26AS:**

1. **Login to Income Tax E-filing Portal:**
- Go to the [Income Tax e-filing portal](https://www.incometax.gov.in/iec/foportal).

2. **Navigate to Form 26AS:**
- After logging in, go to the “**My Account**” section and select “**View Form 26AS**.”

3. **Download Form 26AS:**
- Choose the relevant assessment year and download the Form 26AS PDF.

4. **Review the Information:**
- Cross-check the information with your records and ensure all transactions are correctly reported.

### **In Summary:**

- **AIR Schedule Removal**: The AIR schedule has been removed from ITR forms.
- **Form 26AS**: Check Form 26AS for high-value transactions.
- **ITR Filing**: Accurately report income and transactions in your ITR as reflected in Form 26AS.
- **Discrepancies**: Address any discrepancies with the financial institution or in the ITR comments.

Always ensure your return is complete and accurate, reflecting all the information available to the Income Tax Department.