What is Annual Information Return? Who should furnish AIR?
Section 285BA of the IT Act (Amended) mandates the specified entities to furnish an Annual Information Return (AIR) in respect of specified financial transactions registered/recorded during the financial year (beginning on or after April 1, 2004). The Annual Information Return shall be furnished by every person mentioned below in respect of all transactions of the nature and value specified in the corresponding entry. AIR must be furnished by : 1. A banking company 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 or any other company or institution issuing credit card Credit Card Payments to a person, aggregating to two lakh rupees or more in the year. 3. A trustee of a Mutual Fund 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