ANNUAL INFORMATION RETURN “AIR”
WHAT IS AIR
ANNUAL INFORMATION RETURN: 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) to the income tax authority or such other prescribed authority.
WHO IS REQUIRED TO FILE AIR:
The AIR is required to be furnished by specified persons in respect of specified transactions registered or recorded by them during a financial year;
| Sr. no | Class of Person | Nature and Value of Transaction |
| 1. | A Banking Company | A Cash deposit aggregating to Rs. 10 Lakh or more in a year in any saving account |
| 2. | Any Institution issuing Credit Card | Payment made by any person against bill raised in respect of credit card issued to that person, aggregating Rs. 2 Lakh or more in the year |
| 3. | A Trustee of a Mutual Fund | Receipt of Rs. 2 Lakh or more for acquiring units of that fund. |
| 4. | A Company or Institution issuing Bonds or Debenture | Receipt from any person of an amount of Rs. 5 lakh or more for acquiring bonds or debentures issued. |
| 5. | A Company issuing shares through public or right issue | Receipt from any person of an amount of Rs. 1 lakh or more for acquiring shares issued by the company. |
| 6. | Registrar or Sub- Registrar appointed under the Registration Act | Purchase and sale by any person of immovable property valued at Rs. 30 Lakh or More |
| 7. | Any person being an officer of RBI | Receipt from any person of an amounts aggregating to Rs. 5 lakh or more in a year for bond issued by Reserve Bank of India |
DUE DATE FOR FURNISHING OF AIR
31st August immediately following the Financial Year in which the transaction is registered or recorded.
What are the consequences of not filing AIR?
Under section 271FA of the Income Tax Act, 1961, a penalty of Rs. 100/-per day of default may be levied on a person who is required to file Annual Information Return (AIR)
*** An entity who is required to file AIR has to file one single AIR for the whole organization.
***AIR should be furnished in Form 61A in digitized form on computer readable media.
***All filers are required to obtain TAN.
