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.Online GST Certification Course by TaxGuru & MSME- Click here to Join
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