As per Section 285BA of the Income Tax Act, 1961, read with Rule 114E of the Income Tax
Rules, 1962, specified entities (Filers) are required to furnish an Annual Information Return (AIR) in
respect of specified financial transactions registered/recorded by them during the financial year
(beginning on or after April 1, 2004) t) to the income tax authority or such other prescribed authority.
As per the amended Rule 114E of the Income Tax Rules, 1962, the Annual Information Return should be furnished by every person mentioned in column (2) of the Table below in respect of all transactions of the nature and value specified in the corresponding entry in column (3) of the said Table, which are registered or recorded by him during a financial year beginning on or after April 1, 2004:
|
Sl.
No.
(11)
|
Class of person(2) |
Nature and value of transaction(3) |
|
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). |
Cash deposits aggregating to ten lakh rupees or more in a year in any savings account of a person maintained in that bank. |
|
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. |
Payments made by any person against bills raised in respect of a credit card issued to that person, aggregating to two lakh rupees or more in the year. |
|
3 |
A trustee of a Mutual Fund or such other person managing the affairs of the Mutual Fund as may be duly authorised by the trustee in this behalf. |
Receipt from any person of an amount of two lakh rupees or more for acquiring units of that Fund. |
|
4 |
A company or institution issuing bonds or debentures. |
Receipt from any person of an amount of five lakh rupees or more for acquiring bonds or debentures issued by the company or institution. |
|
5 |
A company issuing shares through a public or rights issue. |
Receipt from any person of an amount of one lakh rupees or more for acquiring shares issued by the company. |
|
6 |
Registrar or Sub-Registrar appointed under section 6 of the Registration Act, 1908. |
Purchase or sale by any person of immovable property valued at thirty lakh rupees or more. |
|
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. |
Receipt from any person of an amount or amounts aggregating to five lakh rupees or more in a year for bonds issued by the Reserve Bank of India. |
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