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Annual information return

chetana.s (Student) (66 Points)

13 August 2011

hi everybody, i have doubt please help me in this, -

U/s 285BA of Income Tax Act Filing of Annual Information return is mandatory or not for an Assesse, if yes then who are responsible to file this?

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vishnupriya (CA Final) (1418 Points)
Replied 13 August 2011

AIR U/s 285BA can be filed by either assessee voluntarily by himself or by any other prescribed person.

Let me explain with an example. If an assessee deposits cash worth Rs.10 lacs in a bank, then it is the responsibilty of the banking Company (banker) to furnish the details of such transaction to the Income tax authorities within 31st August immediately following the FY in which the transaction is recorded.

Only specified financial transactions are furnished in AIR, which mean the following transactions whose aggregate value should not be less than Rs.50000/- during the FY.

1. purchase, sale or exchange of goods or property or right or interest in a property

2. rendering any service

3. any works contract

4. any investment made or expenditure incurred

5. taking or accepting any loan or deposit.

please see the excel file attached for knowing more about persons responsible for furnishing AIR.

Attached File : 224087 802452 air.xls downloaded: 510 times