Provisions of AIR
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 July 2011
It has been intimated to me by a person that while e-filing of I.T. returns please make sure that totals of transactions of my SB Account for entire financial year should not cross Rs.Ten Lacs, otherwise provisions of AIR would be applicable and accordingly Annual Information Return would also be applicable in my case, if transactions for entire F.Y. exceeds in my SB A/c. Please advise whether the statement is correct or not?
CA PARAS BAFNA
(Expert)
06 July 2011
The Nature of transaction requiring mention in Schedule AIR-
"Cash deposits aggregating to Rs. 10.00lac or more in a year in any savings account."
It is not concerned with totals of all transaction as such.
For this only cash deposits are to be taken into account.
"Cash deposits aggregating to Rs. 10.00lac or more in a year in any savings account."
It is not concerned with totals of all transaction as such.
For this only cash deposits are to be taken into account.
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