Declaring air transactions in it return
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 February 2013
I have purchased Mutual Funds of Rs. 10 Lacs. Please tell me how to declare it in my IT Return and if not, will it cause me scrutiny by IT Department?
CA Suraj Lakhotia
(Expert)
11 February 2013
AIR is required to be furnished under section 285BA read with rule 114E of the act.
https://law.incometaxindia.gov.in/dittaxmann/incometaxacts/2005itact/rules114E.htm
Refer link above.
Individual Assessee are not covered under the rules.
https://law.incometaxindia.gov.in/dittaxmann/incometaxacts/2005itact/rules114E.htm
Refer link above.
Individual Assessee are not covered under the rules.
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CA. RAGHAV GARG
(Expert)
11 February 2013
u need not declare anywhere, the Mutual Fund provider will deposit the same for you.
you just need to disclose the withdrawl for such purchase.
Under scrutiny AO can not go beyond the source of purchase of Mutual Funds
you just need to disclose the withdrawl for such purchase.
Under scrutiny AO can not go beyond the source of purchase of Mutual Funds
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