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Difference between information codes air 001 and exc 001

Jayesh NP (Tax Practitioner) (178 Points)

02 February 2017

Can anyone explain how can i find out the transaction mentioned under infromation code EXC-001. It only says "Cash transcation in excess of 10Lakhs". What are the tranactions coming under this code. Also how it is differ from AIR 001.

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13 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (195302 Points)
Replied 03 February 2017

EXC-001: Cash transactions exceeding Rs. 10,00,000/- in a month
AIR-001: Cash deposits aggregating to Rs. 10,00,000/- or more in a year in any savings account

Refer:: https://nareshco.com/blog/?p=1366 for more details.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (195302 Points)
Replied 03 February 2017

Refer: https://www.simplifiedlaws.com/non-filing-of-income-tax-return-notice-nms/

Jayesh NP (Tax Practitioner) (178 Points)
Replied 04 February 2017

Sir, What are the probable transactions coming under information code EXC-001

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (195302 Points)
Replied 04 February 2017

The information co-related with other Governmental agencies, like VAT, Excise, Service tax, etc. is reported in this section.

Even IT department gets relative information from other parties during survey/scrutiny etc. are also reported under this section.

Ashim kr Ray (social service) (1713 Points)
Replied 16 September 2017

Sir,

Get notice under EXC-001 above Rs 10lac cash transaction in month , but i dnt get ant such transaction,here what does cash transaction means cash deposit,please explain.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (195302 Points)
Replied 16 September 2017

No. As such this code do not include any cash deposits.

But there are many different criteria from which department had obtained the figure........ including any of your customer, or any suppliers, contractor or sub-contractor etc.....

Your local AO can guide you about the same.

1 Like

RAJA P M ("Do the Right Thing...!!!") (128106 Points)
Replied 16 September 2017

Dear Sir.,
In case any department payments include or exclude this code... I mean CENVAT liability above 10lakhs...!

Edwin Immanuel (2 Points)
Replied 19 September 2017

sir, i have received a IT - Non filing letter and mentioned Code AIR-001, CIB-183, EXC-001.

those 10 lakhs+ amount deposit and withdrawels are another family member money is only used to purchase a land. should i have to pay income tax for that ? and how should i file tax for this querry?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (195302 Points)
Replied 20 September 2017

First prepare financial statement of source and flow of funds. File return of income for the particular assessment year, specifically incorporating all such cash transactions and/or bank deposits. In case any tax payable, pay it with interest........ and wait till further action.

Advisable to seek help of any experienced tax consultant/ CA of your area, to handle the query.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (195302 Points)
Replied 20 September 2017

Attached please find a quick reference guide.

Attached File : 1648935 20170920091604 non filing of return quick reference guide.pdf downloaded: 268 times

Honey Chhattani (Student) (22 Points)
Replied 28 March 2018

What if dont have any cash transactions above Rs.1000000 in any months??

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (195302 Points)
Replied 28 March 2018

So, no need to worry for any notice from ITD !!

Unity Hobbs (Porro consequatur minima et officia volu) (22 Points)
Replied 22 October 2018

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