FAQs on Statement of Financial Transactions and Reportable Accounts

Chapters / List

1. What is statement of financial transaction or reportable account (previously called as 'Annual Information Return (AIR)'?

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2. What are the reportable transactions for purpose of pre-filing return of income?

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3. Who is required to furnish statement of financial transactions and reportable accounts?

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4. What is the due date for filing of statement of financial transaction or reportable account by prescribed reporting financial institution?

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5. What is the mode and due date for filing of statement of financial transaction or reportable account?

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6. Is there any remedy available under the act, if a person does not file the statement within the prescribed time?

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7. What are the consequences of not filing statement of financial transaction or reportable account?

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8. Is there any remedy available under the act, if a person filed inaccurate or defective statement?

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9. What are the consequences for furnishing inaccurate statement of financial transaction or reportable account?

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