Annual Information Returns (AIRs) – CBDT instructions
The CBDT has issued detailed instructions on filing of annual information reports on high value transactions. NSDL is appointed as the agency to receive these reports.
· Persons filing AIR should quote TAN as above in both Part A and Part B of form no.61A in the relevant column of AIR.
· persons filing annual information return should furnish only one return even if they may have more than one branch.
· transactions involving aggregate cash deposits of ten lakh rupees or more in a savings account of a person are to be reported
· only the aggregate of all the cash deposits in the savings account of a person 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.
· transactions involving aggregate payments of two lakh rupees or more in respect of credit card of a person are to be reported by the filer
· transactions of purchase or sale by any person of immovable property valued at thirty lakh rupees or more are to be reported
· All persons furnishing AIR should verify the PAN quoted by the transacting party before furnishing the annual information return under section 285BA.
· The computer media containing AIR should be readable, clean, virus free and not corrupt
· 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
CBDT CIRCULAR NO. 07/2005., Dated : August 24, 2005