Under Income Tax Act of India, it is mandatory to file an Annual Information Return (AIR) with Income Tax Department by the specific persons within a specified time in respect of some specified financial transactions during a financial year.

Following are the transactions and reporting persons against which the Annual Information Return is submitted:-

BANKS/CO-OPERATIVE BANKS

  • Cash payment for purchase of bank draft/pay orders/banker’s cheque aggregating to Rs. 10 lakhs or more in a financial year.
  • Cash payment for purchase of pre-paid instruments issued by RBI aggregating to Rs. 10 lakhs or more in a financial year.
  • Cash deposits in one or more current accounts of a person aggregating to Rs. 50 lakhs or more in a financial year.
  • Cash withdrawals (including through bearer cheques) from one or more current accounts of a person aggregating to Rs.50 lakhs or more in a financial year.

BANK/ CO-OPERATIVE BANK/POST MASTER GENERAL

Cash deposits in one or more accounts (excluding current account and time-deposits) of a person aggregating Rs. 10 lakhs or more in a financial year)

BANK/ CO-OPERATIVE BANK/POST MASTER GENERAL/NIDHI/NBFC

Time deposits (except renewals) of a person aggregating to Rs. 10 lakhs or more in a financial year.

BANK/ CO-OPERATIVE BANK/COMPANY OR INSTITUTION ISSUING CREDIT CARD

Payment made by a person in respect of one or more credit cards issued to him, aggregating to :-

  • Rs. 1 lakh or more in cash during a financial year or
  • Rs.10 lakhs or more by other modes during a financial year.

COMPANY/INSTITUTIONS ISSUEING BONDS/DEBENTURES

Receipt from any person aggregating to Rs. 10 lakhs or more in a financial year for acquiring bonds/debentures (except renewals).

COMPANY ISSUING SHARES

Receipt from any person aggregating to Rs. 10 lakhs or more in a financial year for acquiring shares.

COMPANY BUYING BACK

Buy back of listed shares from any person (excluding shares bought in open market) for an amount or value aggregating to Rs. 10 lakhs or more in financial year.

MUTUAL FUND

Receipt from any person aggregating to Rs.10 lakhs or more in a financial year for acquiring units in one or more schemes of a mutual fund (excluding transfer from one scheme to other).

AUTHORIZED PERSON

Receipt from any person for sale of foreign currency (including by credit to forex card) or expense in foreign currency through a debit/credit card or through travellers  cheque or draft etc., aggregating to Rs. 10 lakhs or more in a financial year.

INSPECTOR-GENERAL/REGISTRAR/SUB-REGISTRAR

Purchase or sale of immovable property for an amount (or value by stamp valuation authority) of Rs. 30 lakhs or more.

ANY PERSON LIABLE TO AUDIT U/S 44AB

Receipt in cash exceeding Rs. 2 lakhs, for sale of goods or services of any nature.

BANK/ CO-OPERATIVE BANK/POST MASTER GENERAL

Cash deposit during the period 09.11.2016 to 30.12.2016 aggregating  to :-

  • Rs.1250000/= or more in one or more current account of a person
  • Rs.250000/= or more in one or more accounts (other than current account) of a person.

BANK/ CO-OPERATIVE BANK/POST MASTER GENERAL

Cash deposits during the period 01.04.2016 to 09.11.2016 in respect of accounts/reporatable in respect of person relating to cash deposit during the period of 09.11.2016 to 31.12.2016.

Notes:

The purpose of Annual Information Return to match the details submitted by Income Tax Payees to Income Tax Department with the related persons as mentioned above.

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