Follow Us :

AIR

Latest Articles


FAQs on Statement of Financial Transactions & Reportable Accounts

Income Tax : To keep a watch on high value transactions undertaken by the taxpayer, the Income-tax Law has framed the concept of statement of f...

June 30, 2023 103766 Views 15 comments Print

AIR – meaning, provisions, Applicability & FAQs

Income Tax : Annual Information Return (AIR) – meaning, provisions, Applicability & FAQs Annual Information Return (AIR) of ‘hi...

October 7, 2020 127394 Views 0 comment Print

Scope of scrutiny assessment in AIR cases under Income Tax Act 1961

Income Tax : Income Tax Department nowadays selects almost all cases for scrutiny assessment under section 143(2) of Income Tax Act 1961 based ...

September 9, 2020 14561 Views 0 comment Print

SFT Report Generation Utility Quick Reference Guide

Income Tax : Downloading the utility 1. Go to e-filing portal at https:iincometaxindiaefiling.gov.in/ 2. Click on the Forms (other than ITR) ta...

September 1, 2020 36633 Views 0 comment Print

Submit Statement of Financial Transactions (SFT) in Form 61A

Income Tax : Legal Framework- Section 285BA- Obligation to furnish Statement of Financial Transactions (SFT). Rule 114E - Furnishing of Stateme...

September 1, 2020 360732 Views 26 comments Print


Latest News


Email on Statement of Financial transactions (SFT) filing by IT Dept.

Income Tax : Statement of Financial transactions (SFT) should be filed by all reporting persons covered under Rule 114E of Income-tax Rules, 19...

May 19, 2017 25602 Views 2 comments Print

Companies to furnish Statement of Financial Transactions to Income Tax Department

Company Law : As per Rule 114E of the Income Tax Rules 1962, for and from 2016-­17, all companies have to be furnish SFT in respect of certain ...

January 12, 2017 6025 Views 1 comment Print

Bank to obtain and link PAN or Form No. 60

Income Tax : Income-tax Rules amended to provide that bank shall obtain and link PAN or Form No. 60 (where PAN is not available) in all existin...

January 9, 2017 5200 Views 0 comment Print

Reporting of Cash Transactions under Rule 114E: Clarification

Income Tax : Cash transactions did not require aggregation and the reporting requirement under SFT for this purpose is on receipt of cash payme...

December 23, 2016 5773 Views 1 comment Print

Guidance Note on FATCA and CRS updated till 30.11.2016

Income Tax : This Guidance Note is for providing guidance to the Financial Institutions, Regulators and officers of the Income Tax Department f...

December 4, 2016 15484 Views 0 comment Print


Latest Notifications


Report cash deposit in Bank & Post Office A/cs between 01.04.2016 to 09.11.2016

Income Tax : Cash deposits during the period 1st April, 2016 to 9th November, 2016 in respect of accounts that are reportable to be reported by...

January 6, 2017 49819 Views 1 comment Print

FATCA Rules for registration, due diligence & information maintenance

Income Tax : Central Government with respect to registration of persons, due diligence and maintenance of information, and the Central Board of...

June 20, 2016 3988 Views 0 comment Print

Revised Procedure for registration & submission of report of reporting financial institution

Income Tax : Submission of Form 61B: Every reporting financial institution is required to submit the Statement of Reportable Account in Form 61...

April 4, 2016 3349 Views 1 comment Print


How to Maintain Safe Distance from Income Tax Department

July 2, 2020 16129 Views 5 comments Print

Do you want to keep an Arm’s Length Distance from the Income Tax Department? Obviously the Answer is YES!!! But the question here is HOW??? Here are a list of expenses/ investments, which at any point of time performed by you may invite undue attention from the Income tax Personnel.

Penalty u/s. 271FA for non-filing of Annual Information Return (AIR)

May 7, 2020 25980 Views 2 comments Print

Avoid penalty u/s. 271FA for non-filing of Annual Information Return (AIR). Learn about the due date and consequences of non-compliance.

FAQs on Annual Information Return (AIR)

April 22, 2020 87663 Views 3 comments Print

Annual Information Return (AIR) of ‘high value financial transactions’ is required to be furnished under section 285BA of the Income-tax Act, 1961 by ‘specified persons’ in respect of ‘specified transactions’ registered or recorded by them during the financial year. The due date of filing of the return is the 31st of August of the following […]

Updated list of Transactions to be reported in AIR

February 29, 2020 94537 Views 2 comments Print

Government has mandated reporting in statement of financial transaction commonly known as AIR Return of Cash deposits during the period 09th November, 2016 to 30th December, 2016 aggregates to ̶ (i) twelve lakh fifty thousand rupees or more, in one or more current account of a person; or (ii) two lakh fifty thousand rupees or more, in one or more accounts (other than a current account)

Is AIR based Notice under section 147 void ?

February 25, 2020 23988 Views 1 comment Print

A provision of Section 285BA has been inserted by the Finance Act, 2003 w.e.f. 01.04.2004, which was later on substituted by the Finance (No.2) Act, 2004 w.e.f. 01.04.2005.

Addition cannot be made merely based on AIR Information

January 16, 2020 2052 Views 0 comment Print

Since AO had not carried out any exercise to rebut the contention of assessee that they have not received any sum higher than what has been reported in its books of account, therefore, no addition could be made based on the AIR and ledger of the payer

AIR (Annual Information Report) and Scrutiny Assessment u/s 143(3)

January 4, 2020 20286 Views 7 comments Print

n the era of technology and data analytics, Income Tax Department too empowered itself with one of the most enabling report which allowed itself to peep itself into the assessee’s deeper secrets by laying down the responsibility on Financial Institution like Banks, Mutual Funds, to submit AIR (Annual Information Report). In this article, what we will try to analyse in the forthcoming discussion that how this crucial guard of information available with the department against evasion slowly becoming an indiscriminate weapon in the hands of the officials for harassing the assesses and how the proceedings emanating from AIR should be dealt with.

Section 271FA penalty not leviable in absence of reportable transaction

January 25, 2019 4263 Views 0 comment Print

Penalty under 271FA was unjustified as there was no requirement to file the AIR in absence of reportable transaction during the financial year and also, department did not make out a case that the assessee had the recorded re portable transactions in the relevant financial year.

Don’t Believe These Tax Accounting Myths

July 16, 2018 3999 Views 0 comment Print

There is a lot of false information out there about what you can and can’t do on your annual taxes. Here are some of the biggest myths that plague the system and what the truth behind them actually is:

No Penalty for Delay in filing AIR due to reasonable cause

February 28, 2018 1437 Views 0 comment Print

Sub Registrar Dhansura Vs DIT (ITAT Ahmedabad) Appellant is a Govt. servant and ld. AR stated that they have assigned job to submit AIR to some outsources agency and sometime staff of the outsources agency become careless. In these case, appellant is a newly incumbent with the office and was not aware of the income […]