Annual Information Return

Obligation to furnish Annual Information Return: -

Income Tax Return Help Annual Information Return

Any person, being

  1. an assessee; or

  2. the prescribed person in the case of an office of Government; or

  3. a local authority or other public body or association; or

  4. the Registrar or Sub-Registrar appointed under section 6 of the Registration Act, 1908; or

  5. the registering authority empowered to register motor vehicles; or

  6. the Post Master General; or

  7. the Collector referred to in section 3(c) of the Land Acquisition Act, 1894; or

  8. the recognised stock exchange referred to in section 2(f) of the Securities Contracts (Regulation) Act, 1956; or

  9. an officer of the Reserve Bank of India, constituted under section 3 of the Reserve Bank of India Act, 1934; or

  10. a depository referred to in section 2(1)(e) of the Depositories Act, 1996,

who is responsible for registering, or, maintaining books of account or other documents containing a record of any specified financial transaction, shall furnish an annual information return in Form No.61A and information required for the purposes of this Act, to the CIT (Central Information Branch) or NSDL.

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Specified Financial Transaction

For this purpose, 'specified financial transaction' means any -

  1. transaction of purchase, sale or exchange of goods or property or right or interest in a property; or

  2. transaction for rendering any service; or

  3. transaction under a works contract; or

  4. transaction by way of an investment made or an expenditure incurred; or

  5. a transaction for taking or accepting any loan or deposit.

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Nature and value of transaction

A banking company to which the Banking Regulation Act, 1949, applies (including any bank or banking institution referred to in section 51 of that Act). Cash deposits aggregating to Rs.10,00,000 or more in a year in any savings account of a person maintained in that bank.
A banking company to which the Banking Regulation Act, 1949, applies (including any bank or banking institution referred to in section 51 of that Act) or any other company or institution issuing credit card. Payments made by any per son against bills raised in respect of a credit card issued to that person, aggregating to Rs.2,00,000 or more in the year.
A trustee of a Mutual Fund or such other person managing the affairs of the Mutual Fund as may be duly authorized by the trustee in this behalf. Receipt from any person of an amount of Rs.2,00,000 or more for acquiring units of that Fund.
A company or institution issuing bonds or debentures. Receipt from any person of an amount of Rs.5,00,000 or more for acquiring bonds or debentures issued by the company or institution.
A company issuing shares through a public or rights issue. Receipt from any person of an amount of Rs.1,00,000 or more for acquiring shares issued by the company.
Registrar or Sub-Registrar appointed under section 6 of the Registration Act, 1908. Purchase or sale by any person of immovable property valued at Rs.30,00,000 or more.
A person being an officer of the Reserve Bank of India, constituted under section 3 of the Reserve Bank of India Act, 1934, who is duly authorized by the Reserve Bank of India in this behalf. Receipt from any person of an amount or amounts aggregating to Rs.5,00,000 or more in a year for bonds issued by the Reserve Bank of India.

The annual information return referred to in section 285BA(1) shall be furnished on or before 31st August, immediately following the financial year in which the transaction is registered or recorded, in Form No.61A.

A person responsible for furnishing the return, may, at his option, furnish the return through online transmission of electronic data to a server designated by the Annual Information Return Administrator under the digital signature of the person required to sign this return.

Where the CIT or NSDL considers that the annual information return furnished is defective, he/it may intimate the defect to the person who has furnished such return and give him an opportunity of rectifying the defect within a period of 1 month from the date of such intimation.

If the defect is not rectified within the said period of 1 month or, the further period allowed, then, such return shall be treated as an invalid return and the provisions of this Act shall apply as if such person had failed to furnish the annual information return.

Where a person who is required to furnish an annual information return has not furnished the same within the time allowed, the CIT or NSDL may serve upon such person a notice requiring him to furnish such return within a period not exceeding 60 days from the date of service of such notice and he shall furnish the annual information return within the time specified in the notice.

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Statements By Producers Of Cinematograph Films

Submission of statements by producers of cinematograph films: -

Any person carrying on the production of a cinematograph film during the financial year shall, in respect of the period during which such production is carried on by him in such financial year, prepare and deliver to the Assessing Officer: -

  1. within 30 days from the end of such financial year or

  2. within 30 days from the date of the completion of the production of the film,

whichever is earlier, a statement in the Form No.52A containing particulars of all payments of over Rs.50,000 in the aggregate made by him or due from him to each such person as is engaged by him in such production.

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Statements By Non-Resident Having A Liaison Office In India

With effect from 01,June 2011, every person, being a non-resident having a liaison office in India set up in accordance with the guidelines issued by the RBI under the Foreign Exchange Management Act, 1999, shall prepare and deliver a statement in Form No. 49C to the Assessing Officer within sixty days from the end of such financial year.

The annual statement shall be duly verified by the Chartered Accountant or the person authorised in this behalf by the non-resident person, who shall be known as the Authorised Signatory.

The annual statement shall be furnished in electronic form along with digital signature.

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