Hello All
This query is regarding AIR which needs to be filed for high value financial transactions under section 285BA of the Income-tax Act by individuals and certain specified financial institutions.
As per one of the rules a bank has to file AIR for cash deposits aggregating to ten lakh rupees or more in a year in any savings account of a person maintained in that bank.
My query is
What type of transactions are treated as cash transactions apart from pure cash deposits:
1- Electrnic transaction like NEFT, RTGS, ECS also treated as cash transactions.
2- Deposits through cheques also come in this rule
Suppose I had a deposit of total of Rs 15 lakhs ina year in my account - which included cash deposits of 2 lakhs
and rest payments mode like cheque, NEFT etc. Do i need to file this in AIR section of ITR?
Appreciate your response.
Regards
Ravi
CAclubindia
