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TMI BlogUTILIZATION OF INFORMATION IN THE ANNUAL INFORMATION RETURNS (AIRs) RELATING TO FINANCIAL YEAR. 2007-08 (ASSESSMENT YEAR 2008-09) AND SUBSEQUENT YEARS - REG.X X X X Extracts X X X X X X X X Extracts X X X X ..... sment years in that case on the basis of AIR information available, if any, if they have reasons to believe that income has escaped assessment. (c) After issuance of notice under section 143(2)/148, as the case may be, the Assessing Officers shall forward a list of such cases, alongwith value of criterion, to their Range Addl./Joint Commissioner for the purpose of monitoring. 3. AIR information with PAN where there is no information of returns filed : (a) To identify the non-filers, CIT(CO)/CIT(in-charge) of each RCC/CC will run the application in the AIR module to generate the list of individual cases or persons who are non-filers and shall intimate the list of non-filers to the concerned Assessing Officers in respect of these cases. (b) Further Action thereon: After identification of the non-filers, query letters (in the format as given in Annexure 5) shall be issued by jurisdictional Assessing Officers to all Non-Government transacting persons. (i) if it is intimated by the tax payer that a return has already been filed before issue of the letter, the jurisdictional Assessing Officer shall immediately process the return on the system, if not processed so far, so that the same ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shall assess the case under section 143(3)/144. (iii) if return was filed prior to issue of the query letter, the jurisdictional Assessing Officer shall manually apply such criteria (as per Annexure 1) to select such cases for scrutiny. (iv) Where-no return has been filed either prior to or after issue of query letter/notice under section 142(1) or where the time for issuance of notice under section 143(2) has expired, the jurisdictional Assessing Officer may consider issuance of notice under section 148 as per law after recording reasons therefor, if he/she has reasons to believe that income has escaped assessment. (c) Where the person is not an existing assessee (has never filed a return of income earlier) or does not respond to the served letter, the designated Assessing Officer shall assess the case under section 144/147/143(3), after issuance of notice under section 142(1)/148/143(2), as the case may be, as per due process of law. (d) The designated Assessing Officer and the jurisdictional Assessing Officer shall maintain a register of action taken on such AIR information in the format as per Annexure 4, which should be inspected every quarter by the Range head and the CIT con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er shall maintain a register of action taken on AIR information in the format as per Annexure 4, which should be inspected every quarter by the Range head and the CIT concerned. Summary of the actionable points is enclosed as Annexure 2. The flow chart is enclosed as Annexure 3. Dissemination 8. This instruction should be immediately brought to the notice of all officers working in your Region for taking appropriate action. ANNEXURE 1 1. Investment in property is more than five times the gross receipts. Expression : ITR 1: (Purchase of property (006 from AIR))/(Gross Total Income (Column 3) + Agricultural Income (column 6) + Income Claimed exempt (Column 25) - Total taxes paid (Column 15 ( d )) 5 ITR 2: (Purchase of property (006 from AIR))/(Gross Total Income (Part B-TI 9) + Income Claimed exempt (Schedule EI 6) - Total taxes paid (Part B-TTI 9( d )) 5 ITR 3: (Purchase of property (006 from AIR))/(Gross Total Income (Part B-TI 10) + Income Claimed exempt (Schedule EI 7) - Total taxes paid (Part B-TTI 9( d )) 5 ITR 4: (Purchase of property (006 from AIR))/(Gross Total Income (Part B-TI 10) + Income Claimed exempt (Schedule EI 7) - Total taxes paid (Part B-TTI 11 ( e )) 5 2D: (Purch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s refer to para 3) ( d ) If return is not filed or there is no response to the served query letter, notice to be issued u/s 142(1)/148 and the case to be assessed u/s 143(3)/144/147. 3. AIR Transactions without PAN Designated AOs to issue query letters in non-Govt. cases ( a ) If return has been filed before the issue of letter then refer to jurisdictional AO for action as at Sl. No. 1 ( b ) If return is filed after the issue of letter, the case shall be taken up for compulsory scrutiny by the designated or the jurisdictional AO as the case may be. ( c ) If there is no response to the served query letter, notice to be issued u/s 142(1)/148 and the case to be assessed u/s 144/147/143(3) as per due process of law. (for details refer to para 4) ( d ) If the letter is returned unserved, designated AO to refer the case to CIT(CIB) ( e ) The designated AO shall intimate PAN to CIT(CIB) on the basis of replies received ANNEXURE 3 Utilization of AIR information for financial year 2007-08 (assessment year 2008-09) and subsequent years ANNEXURE 4 Proforma of Register to be maintained by the designated Assessing Officers (DAOs) for action taken on AIR information (without PAN) Sl. No. (As per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng bonds or debentures issued by a Company or institution. Payment of Rs. 1 lakh or more for acquiring shares (through public or rights issue) issued by a Company. Purchase of immovable property valued at Rs. 30 lakhs or more. Sale of immovable property valued at Rs. 30 lakhs or more. Payment of an amount or amounts aggregating to Rs. 5 lakhs or more in the year for bonds issued by the RBI. This is, therefore, to request you to furnish the following information to the undersigned : (1) Your PAN, if any. (2) Whether you have filed any return of income for the financial year relevant to assessment year ? (3) If yes, the acknowledgement No. and date of filing, and the Income-tax authority with whom filed. Kindly also enclose a photocopy of the acknowledgement. Kindly note that this is a non-statutory query letter. However, if no reply is furnished, it may be presumed that you have not filed any return of income for the relevant assessment year, and proceedings under Income-tax Act, 1961 will be initiated. - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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