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31st of this month is the due date for filing of Annual Information Return (AIR) in respect of transactions of financial year 2004-05 and the system of receiving AIRs has already been operationalized. Relevant particulars have been placed on the web-sites of Income-tax Department (www.incometaxindia.gov.in) as also of NSDL ((http://tin.nsdl.com).
Transactions which have to be reported are i) cash deposits aggregating to Rs.10 lakhs or more in a savings bank account in a financial year ii) payments aggregating Rs.2 lakhs or more in respect of a credit card iii) payment of Rs.2 lakhs or more for acquiring mutual fund units iv) payments of Rs.5 lakh or more for acquiring bonds or debentures of a company v) payment of Rs.1 lakh or more for acquiring shares of a company through public issue vi) transaction of purchase or sale of immovabeable property valued at Rs.30 lakh or more and vii) payments aggregating Rs.5 lakh or more for acquiring RBI Relief Bonds.
The Finance Act, 2004 introduced section 285BA in the Income-tax Act under which specified agencies have to report ‘high value financial transactions’ in electronic media to Income Tax Department giving PAN of the transacting parties. These Annual Information Returns (AIRs) can be filed either online with TIN (Tax Information Newtwork) hosted by M/s National Securities Depositories Ltd. (NSDL) or at any of its front offices called TIN Facilitation Centres (TINFCs). TIN will collate the data and transmit it to the Income-tax Department. This information will be used for identifying non-filers for widening the tax base and for computerized selection for scrutiny for deepening the tax base. 2005.
BSC/BY/GN-293/05
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