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Section 285BA

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12 January 2011 Q.1.Is there any penalty for non filing of Annual Information Return (AIR) ?

Q.2. Is it mandatory to file AIR even if there is no transection ?
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
12 January 2011 1. IT will issue a notice in case of failure and withing 60 days reply of notice is compulsory as per sec 285BA (5).

2. AIR filing is needed where transaction aggreegat value is above 50000.
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