Responsibility for Submission of A.I.R.

Accordingly to section 285BA and Rule 114E, some assessee are responsible for submitting Annual Information Return (AIR).  An assessee or a Government agency or other authority registering or maintaining a record of or who enter into any Financial Transaction with any other person, shall furnish an annual information return of such transactions entered into during a previous year in form 61A including on computer media like as CD ROM or DVD alongwith Part-A, thereof on paper, by 31the August next following.

     The return shall be furnished to the Director of Income-tax (Central Information Branch) or a person authorised by NSDL (National Securities Depository Limited).

        The 'specified financial transactions', their value and persons responsible for furnishing Annual Information Return  are given as under:-

Sr. No.	Nature and Value of Transactions	Persons responsible for furnishing A.I.R.
1.	Cash deposit of Rs. 10 Lac or more in a year in a Saving Account	Bank
2.	Payment by credit card holder of Rs. 2 Lac or more in a year.	Bank/Company/Institution issuing credit card.
3.	Receipt from any person of Rs. 2 Lac or more for acquiring units of a mutual fund.	Trustee/Authorised person of Mutual Fund.
4.	Receipt from any person of Rs. 5 Lac or more for acquiring bonds/debentures.	Company/Institution issuing bonds/debentures.
5.	Receipt from any person of Rs. 1 Lac or more for acquiring shares.	Company issuing shares through pubic/right issue.
6.	Purchase/Sale of immovable property of Rs. 30 Lac or more.	Registrar/Sub-registrar.
7.	Receipt from any person of Rs. 5 Lac or more in a year for acquiring R.B.I. Bonds.	Authorised person of R.B.I.

Your Uncomplete Income Tax Return without A.I.R.

Annual Information Report (AIR) in ITR-

Annual Information Report is mandatory to enter in Any Income Tax Return.   In case you have high-value transaction and you have not entered it in your Income Tax Return, your return will be treated as uncomplete.  Therefore, it is highly recommended for  everyone to  check  A.I.R. Codes in detail before submitting their Income Tax Return to avoid notice of  secrutiny from Income Tax Department on the information provided by concerned Bank/ authority  etc.  

We (all) are under wrong impression that the information regarding specified high-value transactions need to be reported to the Income Tax Authorities by the concerned Bank, Financial Institutions, Companies or Mutual Funds. But fact is that even common salaried individual need to report info on AIR in his ITR.

Location of detail of AIR in ITR-2 can be viewed in below picture.

To Know A.I.R. Codes in detail Click Here

AIR (Annual Information Return) Codes in Detail

New Saral-II (ITR-1) is simple and easy to fill Income Tax Return, while filling any return, a column is very much important to fill code respectively.   It is called as "AIR (Annual Information Return) codes, Transaction Report.  Generally nobody care regarding these codes.  In our view, everyone should study below codes in detail before submitting his Income Tax Return to avoid any frustration in future from Income Tax Department.  In New Saral-11 (ITR-1), it's column number is 26 Named as below:-

26 "Other Information (transactions reported through Annual Information Return) Please see instruction number-9(ii) for code)"