Section 285BA requires various entities to furnish Annual information return with regard to specified financial transactions in a prescribed form to the Income tax authorities. In order to bring in more transparency, the AIR information of the assessee may be allowed to be reflected under “My Account” Facility provided by Department in CPC portal. A consolidated view of the transactions entered into by the assessee, would also enable the professionals handling the tax matters of the assessee, to guide the assessee regarding the probable compliance of the relevant provisions of the Incometax Act with regard to the said transactions, leading to correct payment of taxes.

It is suggested that the AIR information of the assessee may be allowed to be reflected under “My Account” Facility provided by Department in CPC portal.

Source- Pre-budget Memorandum 2014 on direct taxes by ICAI

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Category : Income Tax (24910)
Type : Articles (13954)
Tags : AIR (82) ICAI (2148)

0 responses to “AIR information should be reflected in 'My Account' facility on CPC portal”

  1. jyoti b Vishwakarma says:

    what will be the treatment of AIR Transactions reflected in 26 AS for a salaried individual who is supposed to file ITR 2 , whether any treatment will be given for such transactions in the computation of the Total Income

  2. s sudarshana says:

    AIR is already reflected in 26AS and what more is required for the assessee? Suggesting for it’s removal without disclosing it’s existance in 26AS or ground for it’s repition in My Account is avoidable. Trasnparency already exists as it is reflected in 26AS.

  3. K MUKAMBIKA says:

    K MUKAMBIKA SAYS,
    SUDARSHANA SIR,
    AIR INFORMATION MEANS ANNUAL INFORMATION REPORT. IF YOU HAVE PURCHASED MORE THAN 10LAKS PROPERTY, PURCHASED 10LAKHS ABOVE MOTOR VEHICLE, OR MADE 10LAKHS ABOVE TRANSACION IN YOUR SB ACCOUNT AND ALSO SECURITY TRANSATIONS THAT SHOULD BE REFLECTED IN 26AS NOT IN MY ACCOUNT. ASSESSEE SHOULD VIEW 26AS AT THE TIME FILING HIS RETURNS. IF HE GETS ALL THEESE INFORMATION IN 26AS, NO NEED TO VIEW MY ACCOUNT. THAT IS WHY I SAID ICAI SUGGESSION IS WRONG

  4. s sudarshana says:

    Sorry: what is that AIR?

  5. CA Archana Chaudhari says:

    Very good suggestion. This will prevent assessee’s unnecessary harassment & will help the professionals a lot, specifically when the assessee refuses to co-operate from his side and still expects the case to be handled wisely.

  6. K MUKAMBIKA says:

    AIR INFORMATION SHOULD BE REFLECTED IN 26AS. BECAUSE ASSESSEE CAN VIEW 26AS AT THE TIME OF FILING HIS/HER RETURN. HE/SHE CAN ALSO AVOID FUTURE COMPLICATIONS BY GIVING BETTER COMPLIANCE. THEREFORE, SUGGESTION OF ICAI (FINANCIALS) IS NOT CORRECT

  7. B.S.K.RAO says:

    To,

    Directorate of Income-Tax (Systems),
    New Delhi.

    Suggestion of ICAI(Financials) is wrong for the reason that I am of the view that it should be reflected in 26AS, so that AR who is preparing the return on behalf of assessee can incorporate the same in the return to avoid future problems that may be faced by the assessee. Because, some times assessee will not disclose all his investments to tax professionals.

  8. s sudarshana says:

    Good suggestion and can be easily implemented.

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