Air return filing query

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 July 2013 An individual make a cash deposit aggregate of more than 10 lacs into his savings bank account during the financial year 2012-13. Is he required to file AIR return in his individual capacity.

If requires then what is the procedure to file AIR return through online.

Thank you for reply

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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25 July 2013 He has to report the transaction in his ITR in the prescribed schedule. AIR return will be filed by the person with whom such transaction has taken place.

Querist : Anonymous

Querist : Anonymous (Querist)

25 July 2013 But from A.Y 2012-13 ITR form doesn't contain Schedule AIR.

OM SAI SRI SAI JAI JAI SAI

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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25 July 2013 Then "has to report" can be read as "was supposed to be reported".

Querist : Anonymous

Querist : Anonymous (Querist)

25 July 2013 Thank you for your clarification. Actually i know the details of AIR Transactions to be indicate or mention in ITR at the Schedule AIR while filing of Income tax return. But Since 2 years ITR forms doesn't containing Schedule AIR as well as i also know AIR return has to be file by the person at where the transaction taken place. But due to the lake of Schedule AIR in ITR form i have a small doubt is individuals also required to file AIR. For clarification such doubt i asked the above query.

Once again Thank you for reply and clarification.

OM SAI SRI SAI JAI JAI SAI

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