Organisation : Protean eGov Technologies Limited
Facility Name : Annual Information Return (AIR)
Applicable States / UTs : All India
Website : https://tinpan.proteantech.in/services/air/anninforeturn.html
What is Annual Information Return?
Annual Information Return (AIR) of ‘high value financial transactions’ is required to be furnished under section 285BA of the Income-tax Act, 1961 by ‘specified persons’ in respect of ‘specified transactions’ registered or recorded by them during the financial year. The due date of filing of the return is the 31st of August of the following year.
Related / Similar Facility : Correct PAN Card Details Online
Categories of Annual Information Return
| Sl. No. | Class of Person | Nature and Value of transaction | Clarifications by Central Board of Direct Taxes |
|---|---|---|---|
| 1. | A Banking Company to which the Banking Regulation Act, 1949(10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act). | Cash deposits aggregating to ten lakh rupees or more in a year in any savings account of a person maintained in that bank | Only the aggregate of all the cash deposits in the savings account of a person to be reported as one transaction and the date of the transaction is to be the last date of the financial year i.e. 31.03.2005 in respect of FY 2004-2005. |
| 2. | A Banking Company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act) or any other Company or institution issuing credit card. | Payments made by any person against bills raised in respect of a credit card issued to that person, aggregating to two lakh rupees or more in the year. | Only the aggregate of all the payments by a person to the credit card company is required to be reported as one transaction and date of transaction is to be the last date of the financial year i.e. 31.03.2005 in respect of FY 2004-05. |
| 3. | A trustee of a Mutual Fund or such other person managing the affairs of the Mutual Fund as may be duly authorized by the trustee in this behalf. | Receipt from any person of an amount of two lakh rupees or more for acquiring units of that fund. | The amount actually received from the transacting party and not the amount relating to allotment is to be reported. |
| 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 issued by the Company or institution. | The amount actually received from the transacting party and not the amount relating to allotment is to be reported. |
| 5. | A Company issuing shares through public or rights issue. | Receipt from any person of an amount of one lakh rupees or more for acquiring shares issued by the Company. | The amount actually received from the transacting party and not the amount relating to allotment is to be reported. |
| 6. | Registrar or Sub Registrar appointed under section 6 of the Registration Act, 1908 | Purchase or sale by any person of immoveable property valued at thirty lakh rupees or more. | There may be certain situations where the transaction in respect of property valued at thirty lakh rupees involves joint parties and value for one or more parties is less than rupees thirty lakh. In such situations, all such transactions are to be reported in respect of all the joint parties even though the value of transaction in the hands of one or more of the joint parties is less than the threshold limit. |
| 7. | A person being an officer of the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act, 1934 who is duly authorized by the Reserve Bank of India in this behalf. | Receipt from any person of an amount or amounts aggregating to five lakh rupees or more in a year for bonds issued by the Reserve Bank of India. | The aggregate of all the receipts from a person is required to be reported as one transaction and the date of the transaction is to be mentioned as the last date of the financial year. |
Charges of Annual Information Return
The Filer has to pay upload charges as given below for AIR as well as Supplementary Information:
| Number of Records | Upload Fee (₹) * |
|---|---|
| Up to 100 | 38.00 |
| 101-1000 | 178.00 |
| More than 1000 | 578.50 |
How To Apply For Annual Information Return?
As per the amendment to Section 285BA of the Income Tax Act, 1961, specified entities (Filers) are required to furnish an Annual Information Return (AIR) in respect of specified financial transactions registered/recorded by them during the financial year to the income tax authority or such other prescribed authority.
Step-1 :
The data structure (file format) in which the AIR is to be prepared is given below: Data Structure (File format).
Step-2 :
Prepare AIR in accordance with the file format in clean text ASCII format. AIR can be prepared using in-house software or any other third party software or Protean Return Preparation Utility for Annual Information Return (AIR RPU).
Step-3 :
Once the file has been prepared as per the file format, it should be verified using the File Validation Utility (FVU) provided by Protean.
Step-4 :
In case the file has any error, the FVU will give a report of the errors. Rectify the errors and verify the file again through the FVU. Repeat this step until an error free file is obtained.
Step-5 :
The upload file generated by the FVU on successful validation should be copied on a CD/floppy. This CD/floppy alongwith a duly filled and signed print out of Part A of Form 61A should be submitted to any TIN-FC. Part A of Form 61A.