Section 285BA
This query is : Resolved
12 January 2011
Q.1.Is there any penalty for non filing of Annual Information Return (AIR) ?
Q.2. Is it mandatory to file AIR even if there is no transection ?
Q.2. Is it mandatory to file AIR even if there is no transection ?
12 January 2011
1. IT will issue a notice in case of failure and withing 60 days reply of notice is compulsory as per sec 285BA (5).
2. AIR filing is needed where transaction aggreegat value is above 50000.
2. AIR filing is needed where transaction aggreegat value is above 50000.
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