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TMI BlogFurnishing of Annual Information return under section 285BA of the Income tax Act, 1961X X X X Extracts X X X X X X X X Extracts X X X X ..... recorded by him during a financial year. The nature of the transactions and the threshold value above which information has to be submitted in the AIR are prescribed in the Table in Rule 114E of IT Rules, 1962, a copy of which is enclosed as Annexure A . Rule 114E has been amended vide notification no.182/2005 dated 11.7.2005. The form in which the return is to be filed is Form no.61A, notified vide notification no.185/2005, a copy of which is enclosed as per Annexure B . The C.B.D.T. has authorized M/s National Securities Depositories Ltd. (NSDL), Trade World, 4th Floor, Kamala Mills Compound, Lower Parel, Mumbai 400 013 as the agency authorized to receive AIRs on behalf of the Commissioner of Income-tax (Central Information Branch).The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions involving aggregate payments of two lakh rupees or more in respect of credit card of a person are to be reported by the filer. It is clarified that only the aggregate of all the payments by a person to the credit card company is required to be reported as one transaction and the date for the transaction is to be mentioned as the last date of the financial year, i.e 31.3.05 in respect of transactions for the financial year 2004-05. 5. Item nos (3), (4) (5) of the Table in Rule 114E specify Receipt from any person of any amount of rupees or more for acquiring.. Situations may arise where the filer receives from a transacting party an amount higher than the threshold limit for allotment of units, bonds, debentures or shares but the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ransaction is to be mentioned as the last date of the financial year, i.e 31.3.05 in respect of transactions for the financial year 2004-05. 8. As per sub-rule (2) of rule 114C, every person receiving any document relating to a transaction specified in rule 114B has to ensure, after verification, that the PAN has been duly and correctly quoted in the document. All persons furnishing AIR should, therefore, verify the PAN quoted by the transacting party before furnishing the annual information return under section 285BA. 9. With a view to ensuring that the annual information return conforms to the required specifications, the person(s) responsible for filing return shall ensure the following:- i) Form No. 61A -Part A is duly filled in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the law, it shall be mentioned in the form as to whether the transacting party is a government department or consular office or Form 60 or Form 61, as the case may be, has been received. In case the AIR on the computer readable media is found to be corrupted or does not fulfill the above guidelines, the filer is expected to make appropriate correction and resubmit the Return. (Vikram Sahay) Secretary to the CBDT To, 1. The Chairman, Members and all other officers in CBDT of the rank of Under Secretary and above 2. All Chief Commissioners and Director Generals of income tax 3. 100 copies to DIT(RSP PR) for printing in the quarterly tax bulletin and for circulation as per their usua ..... X X X X Extracts X X X X X X X X Extracts X X X X
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