As per the Income Tax Act, specified entities are required to furnish AIRs of specified financial transactions recorded by them in a financial year to the income tax authority. The income tax department can detect tax evasion by verifying AIR information with the return filed by a person.

Secondary market transactions of Rs 10 lakh or more in a year, insurance premium of above Rs 1 lakh, debit card payments above Rs 2 lakh, fixed deposits and recurring deposits of over Rs 10 lakh each, and cash deposits of Rs 20 lakh in current accounts are likely to be added to the AIR list, which currently comprises eight items. High-value sales and purchases of property are taken as two items.

Currently under AIR Under consideration
Rs 10 lakh Aggregate of cash deposits Rs 10 lakh Secondary market transactions
Rs 2 lakh Credit card payments Rs 1 lakh Insurance premium
Rs 2 lakh Payment for mutual fund units Rs 2 lakh Debit card payments
Rs 5 lakh Payment for bonds/debentures Rs 10 lakh Fixed deposits
Rs 1 lakh Payment for acquiring shares Rs 10 lakh Recurring deposits
Rs 30 lakh Sale or purchase of property Rs 20 lakh in current account 
Rs 5 lakh Payment for bonds issued by RBI Rs 20 lakh Sale or purchase of property

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Category : Income Tax (25352)
Type : News (12702)
Tags : AIR (82)

0 responses to “Govt considering seven-eight new categories for AIRs”

  1. Nagesh Garg says:

    Dear Sir

    Can you confirm which date will be effective for AIR new schmeme, so that i can deal this timely.

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