Difference bitween air & itr

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27 February 2012 DEAR EXPERT,
PLZ CLEARIFY DIFFERENCE BETWEEN AIR & ITR.wHEN AND WHO HAS TO FILE AIR ?

CA. Hari Kishan

CA. Hari Kishan (Expert)
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27 February 2012 AIR is required

The ‘specified persons’ and the ‘specified transactions’ are listed in Rule 114E of the Income-tax Rules, 1962. Briefly, these are as under:
Sl.No.

(1) Class of person required to file AIR
(2) Nature and value of transaction

(3)
1 Banking company Cash deposits aggregating to ten lakh rupees or more in a year in any savings account
2 Any company or institution issuing credit card. Payments made in respect of a credit card aggregating to two lakh rupees or more in the year.
3 Trustee or authorized manger of Mutual Fund Receipt from any person of an amount of two lakh rupees or more for acquiring units of that Fund.
4 Company or institution issuing bonds or debentures. Receipt from any person of an amount of five lakh rupees or more for acquiring bonds or debentures issued by the company or institution.
5 Company issuing shares through a public or rights issue. Receipt from any person of an amount of one lakh rupees or more for acquiring shares issued by the company.
6 Registrar or Sub-Registrar Purchase or sale by any person of immovable property valued at thirty lakh rupees or more.
7 Authorised officer of the Reserve Bank of India, Receipt from any person of an amount or amounts aggregating to five lakh rupees or more in a year for bonds issued by the Reserve Bank of India.

ITR is a return of declaration of income and computation of tax thereupon..

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