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Annual Information Return

Deep (OTHER) (30 Points)

22 June 2009

Whats is Annual Information Return? i read some where that "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." i have a credit card and i always prefer using it and not my debit card or CASH. my average bill is Rs. 25000 per month. i am paying all my bill on time in one time full payment. do i have to worry about "Annual Information Return" ? what is the procedure to file it?

i have already filed my ITR should i file a revised return now ??

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2 Replies

Anumanchipalli Sathikonda (Tax Consultant) (1349 Points)
Replied 22 June 2009

Mr. Deep

As per the provisions of section 285BA of Income Tax Act, certain persons have to report certain transations to the Income Tax Authorities. The details can be found in Rule 114E of Income Tax Rules 1962. I am herewith attaching a word document containng Rule 114E.

Best Wishes

Sathikonda

Attached File : 26 rule 114e of incometax rules 1962.doc downloaded: 228 times

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Anumanchipalli Sathikonda (Tax Consultant) (1349 Points)
Replied 22 June 2009

Mr.Deep

The Income-tax Department will utilize the information collected through AIR (Annual Information Return) to select any invdividual case for scruitiny and also issue notice u/s 148 of the Income-tax act, 1961 to reopen completed assessments if there is any escapement of income. Recently the Central Borad of Direct Taxes in Instruction No.1/2009 dated 12-02-2009 (F.No.142-08-2009-TPL) has issued guide lines to the Chief Commissioners, Director General of income-tax (Systems), All Directors of Income-tax (CIB), All Commissioners of Income-tax (Computer Operation) and All Commissioners of Income-tax (in-charge of computer centres) how to utilise the said information for selecting an individual case for scruity and to reopen the completed assessment by issueing notice u/s 148.

Best Wishes

Sathikonda