Annual Information Return
The Finance Act, 2004 provided for a new Annual Information return to be filed by certain agencies.
If you have
++ Cash deposits aggregating to ten lakh rupees or more in a year in any savings account in a bank.
++ spent more than two lakh rupees through credit card in a year
++ invested more than two lakh rupees in a mutual fund or one lakh in shares or five lakhs in debentures/ bonds
++ Purchased or sold immovable property for more than thirty lakh rupees
then , beware, big brother is watching. The Banks, land registrar etc are required to file an annual information return in Form 65 about all these transactions. The department appears to be having plans to outsource the collection of these returns. The rule stipulates that the return is to be filed with the Commissioner or an agency authorised by the Board. The return which is in two parts A and B are to be filed in a floppy/CD with part A on paper too. The specifications of the floppy and CD are also mentioned - floppy (3.5 inch and 1.44 MB capacity) or CD-ROM (650 MB or higher capacity). It is not explained why the CD has to be 650 MB or higher. Further a certificate is to be furnished that the data is clean and virus free. It is not yet stipulated that there would be a penalty if later a virus is found!
Where can you get all the information about the latest IT changes. Certainly not in the Income Tax website. The website is blissfully ignorant of these changes. In this aspect the CBEC website seems to be a shade better. Of course, CBEC or CBDT, you are sure to find the latest with TIOL.
See the 17th amendment rules. Some minor changes in forms and rules have been made by the sixteenth amendment rules also.