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. The ‘specified persons’ and the ‘specified transactions’ are listed in Rule 114E of the Income-tax Rules, 1962. As per this rule, specified persons (Filers) should prepare their AIR in Form 61A (Part B) on computer readable media (i.e. CD or Floppy), supported by a duly signed verification and control chart in Form 61A (Part A) in paper format. AIR should be furnished to the Director of Income Tax (Intelligence and Criminal Investigation) i.e. DIT (I & CI). CBDT has authorized NSDL to receive AIR through the TIN Facilitation Centers on behalf of DIT (I & CI).Generally, only one AIR is allowed to be filed by a Filer for a given financial year. However, in case the Filer wants to rectify genuine/bonafide mistakes or if it wants to furnish additional transactions to be included in AIR, it may do so through ‘Supplementary Information’.
Who is required to furnish AIR?
The AIR is required to be furnished by specified persons in respect of specified transactions registered or recorded by them during a financial year. The list of such persons and the specified transactions is as follows
How will transactions of joint parties be provided in AIR?
In the case of transactions involving joint parties, the filer shall
- If the share of each of the joint parties is specified and known, give separate line item for each party involved in the joint transaction and mention the separate transaction amount relating to that party; or
- If the shares of the parties to the joint transaction are undefined, give particulars (except amount) of all the joint parties as separate line items and mention the transaction amount against the first named party alone
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