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High value transaction

swapnil harwani (article) (72 Points)

22 March 2015

Hi All, I want to know that do Bank report any persons FD's to income tax department as high value transaction ?

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Vishal Goel (Chartered Accountant) (1688 Points)
Replied 23 March 2015

The AIR is required to be furnished by specified persons in respect of specified transactions registered or recorded by them during a financial year. The list of such persons and the specified transactions is as follows

Sl. No. (1)	Class of Person(2)	Nature and Value of transaction(3)
1.	A Banking Company to which the Banking Regulation Act, 1949(10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act).	Cash deposits aggregating to ten lakh rupees or more in a year in any savings account of a person maintained in that bank
2.	A Banking Company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act) or any other Company or institution issuing credit card.	Payments made by any person against bills raised in respect of a credit card issued to that person, aggregating to two lakh rupees or more in the year.
3.	A trustee of a Mutual Fund or such other person managing the affairs of the Mutual Fund as may be duly authorized by the trustee in this behalf.	Receipt from any person of an amount of two lakh rupees or more for acquiring units of that fund.
4.	A 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.	A Company issuing shares through 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 appointed under section 6 of the Registration Act, 1908	Purchase or sale by any person of immoveable property valued at thirty lakh rupees or more.
7.	A person being an officer of the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act, 1934 who is duly authorized by the Reserve Bank of India in this behalf.	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.