I have a query whether AIR is mandatory or not for a.y 2012-2012, if a assessee having more than 2 lakh transaction by credit card & also registered a property on his own name of Rs. 42 lakh? whether it is mandatory to assessee to give i.tax department these information or this is obligation to bank or financial intitution?
29 September 2012
Please refer to Section 285BA and Rule 114E of the IT Act and Rules - the AIR is to be filed by the authority (Company, Bank etc.) who has issued the Credit Card, or made public issue of shares or issued Bonds or Debentures etc.
CAclubindia
