Air return
This query is : Resolved
27 September 2012
Dear Sir,
Suppose an assessee who has deposited 6 lacs on the first day of FY and 5 lacs on the second day of the FY in his saving a/c.
Whether the bank will report the said transactions of assessee in AIR or not.
Please advise me.
Suppose an assessee who has deposited 6 lacs on the first day of FY and 5 lacs on the second day of the FY in his saving a/c.
Whether the bank will report the said transactions of assessee in AIR or not.
Please advise me.
Pankaj Gupta
(Expert)
27 September 2012
A bank is required to file AIR return u/r 114E. In ur case as the amount in a year has exceeded Rs 10 lakhs , therefore bank will submit ur name in such return.
27 September 2012
Suppose 6 lacs deposited on first day.
and 4 lacs withdrawed on second day.
and 5 lacs deposited on third day.
Now the bank will report the said a/c detail in AIR ?
and 4 lacs withdrawed on second day.
and 5 lacs deposited on third day.
Now the bank will report the said a/c detail in AIR ?
Pankaj Gupta
(Expert)
27 September 2012
Do not consider the amount withdrwan. What is important is -----AGGREGATE OF AMOUNT DEPOSITED IN A SAVING BANK ACCOUNT IN A YEAR.
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