Annual Information Report made mandatory retrospectively.
The CBDT has amended the rules retrospectively for filing of annual information returns. These have come into existence from December 2004. For the following transactions the CBDT wants an annual report and the forms have also been prescribed. If you had more than ten lakhs in the savings account or you spent more than two lakhs from credit card, or you bought mutual fund shares worth more than two lakhs, or you have purchased property worth 30 Lakhs of registered value, Big Brother will watch you.
1 | A Bank. | Cash deposits aggregating to ten lakh rupees or more in a year in any savings account |
2 | A banking company | Payments made in respect of a credit card aggregating to two lakh rupees or more in the year. |
3 | Mutual Fund | Receipt from any person of an amount of two lakh rupees or more for acquiring units of that Fund. |
4 | A company or institution issuing bonds or debentures. | Receipt from any person of an amount of five lakh rupees or more for acquiring bonds or debentures |
5 | A company issuing shares through a public or rights issue. | Receipt from any person of an amount of one lakh rupees or more for acquiring shares issued by the company. |
6 | Registrar or Sub-Registrar | Purchase or sale by any person of immovable property valued at thirty lakh rupees or more. |
7 | Reserve Bank of India | Receipt from any person of an amount aggregating to five lakh rupees or more in a year for bonds issued by the Reserve Bank of India |
NOTIFICATION NO. , Dated: July 11, 2005