Bibhuti Bhusan Das (Financial Analyst) (144 Points)
22 April 2010
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 22 April 2010
29[Obligation to furnish annual information return30.
285BA. (1) Any person, being—
(a) an assessee; or
(b) the prescribed person in the case of an office of Government; or
(c) a local authority or other public body or association; or
(d) the Registrar or Sub-Registrar appointed under section 6 of the Registration Act, 1908 (16 of 1908); or
(e) the registering authority empowered to register motor vehicles under Chapter IV of the Motor Vehicles Act, 1988 (59 of 1988); or
(f) the Post Master General as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898 (6 of 1898); or
(g) the Collector referred to in clause (c) of section 3 of the Land Acquisition Act, 1894 (1 of 1894); or
(h) the recognised stock exchange referred to in clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956); or
(i) an officer of the Reserve Bank of India, constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934); or
(j) a depository referred to in clause (e) of sub-section (1) of section 2 of the Depositories Act, 1996 (22 of 1996),
who is responsible for registering, or, maintaining books of account or other document containing a record of any specified financial transaction, under any law for the time being in force, shall furnish an annual information return31, in respect of such specified financial transaction which is registered or recorded by him during any financial year beginning on or after the 1st day of April, 2004 and information relating to which is relevant and required for the purposes of this Act, to the prescribed income-tax authority32 or such other authority or agency as may be prescribed.
(2) The annual information return referred to in sub-section (1) shall be furnished within the prescribed time33 after the end of such financial year, in such form and manner (including on a floppy, diskette, magnetic cartridge tape, CD-ROM or any computer readable media) as may be31 prescribed34.
(3) For the purposes of sub-section (1), “specified financial transaction” means any—
(a) transaction of purchase, sale or exchange of goods or property or right or interest in a property; or
(b) transaction for rendering any service; or
(c) transaction under a works contract; or
(d) transaction by way of an investment made or an expenditure incurred; or
(e) transaction for taking or accepting any loan or deposit,
which may be prescribed 35:
Provided that the Board may prescribe different values for different transactions in respect of different persons having regard to the nature of such transaction :
Provided further that the value or, as the case may be, the aggregate value of such transactions during a financial year so prescribed shall not be less than fifty thousand rupees.
(4) Where the prescribed income-tax authority considers that the annual information return furnished under sub-section (1) is defective, he may intimate the defect to the person who has furnished such return and give him an opportunity of rectifying the defect within a period of one month from the date of such intimation or within such further period which, on an application made in this behalf, the prescribed income-tax authority may, in his discretion, allow; and if the defect is not rectified within the said period of one month or, as the case may be, the further period so allowed, then, notwithstanding anything contained in any other provision of this Act, such return shall be treated as an invalid return and the provisions of this Act shall apply as if such person had failed to furnish the annual information return.
(5) Where a person who is required to furnish an annual information return under sub-section (1) has not furnished the same within the prescribed time, the prescribed income-tax authority may serve upon such person a notice requiring him to furnish such return within a period not exceeding sixty days from the date of service of such notice and he shall furnish the annual information return within the time specified in the notice.]
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 22 April 2010
18[Furnishing of Annual Information Return.
114E. (1) The annual information return required to be furnished under sub-section (1) of section 285BA shall be furnished in Form No. 61A and shall be verified in the manner indicated therein.
(2) The return referred to in sub-rule (1) shall 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 the 1st day of April, 2004:—
Table
|
Sl. No. |
Class of person |
Nature and value of transaction |
|
(1) |
(2) |
(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 |
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 |
(3) The return referred to in sub-rule (1) shall be furnished to the Commissioner of Income-tax (Central Information Branch):
Provided that where the Board has authorised an agency19 to receive such return on behalf of the Commissioner of Income-tax (Central Information Branch), the return shall be furnished to that agency.
(4)(a) The return comprising Part A and Part B of Form No. 61A referred to in sub-rule (1) shall be furnished on computer readable media being a floppy (3.5 inch and 1.44 MB capacity) or CD-ROM (650 MB or higher capacity) or Digital Video Disc (DVD), along with Part A thereof on paper :
Provided that a person responsible for furnishing the return, may, at his option, furnish the return through online transmission of electronic data to a server designated by the “Annual Information Return - Administrator” referred to in sub-rule (7) for this purpose under the digital signature of the person specified in sub-rule (6) :
Provided further that the return shall be prepared in accordance with the data structure specified by the “Annual Information Return - Administrator” referred to in sub-rule (7) in this regard.
(b) The person responsible for furnishing the return shall ensure that—
(i) if the data relating to the return or statement is copied using data compression or backup software utility, the corresponding software utility or procedure for its decompression or restoration shall also be furnished along with the computer media return or statement;
(ii) the return is accompanied by a certificate regarding clean and virus free data.
Explanation.—For the purposes of this sub-rule, “digital signature” means a digital signature issued by any Certifying Authority authorised to issue such certificates by the Controller of Certifying Authorities.
(5) The return referred to in sub-rule (1) shall be furnished on or before 31st August, immediately following the financial year in which the transaction is registered or recorded.
(6) The return referred to in sub-rule (1) shall be signed and verified by—
(a) in a case where the person furnishing the return is an assessee as defined in clause (7) of section 2 of the Act, by a person specified in section 140 of the Act;
(b) in any other case, by the person referred to in column (2) of the Table below sub-rule (2).
(7) The Board may appoint an officer designated as Annual Information Return - Administrator20, not below the rank of the Commissioner of Income-tax for the purposes of day-to-day administration of furnishing of the Annual Information Return including specification of the procedures, data structure, formats and standards for ensuring secure capture and transmission of data, evolving and implementing appropriate security, archival and retrieval policies.]
Mamta doshi
(m)
(1 Points)
Replied 22 March 2016
I received an intimation from Intelligence & Criminal Investigation that the AIR Return filed for my company had an error in 1 of the PAN numbers. How do I rectify this error ? How do I find Assessing officer of my company ?
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
