Form 61A: Annual Information Return (AIR)

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Fatema Rasiwala

AIR
Form 61A
Income Heads
TIN NSDL

Entities such as Banks and other Financial Institutes are responsible to furnish certain transaction details through Form 61A (Annual Information Return). With an aim to curb black money and to track high-value transactions, the government has implemented new reporting guidelines. Therefore, “High valued transaction” of Individuals and Businesses are monitored u/s 285BA of The IncomeTax Act.

Circumstances under which Form 61A is rejected:

AIR may be rejected due to the following reasons:

Consequences of not submitting Form 61A on Time

Tax authorities of India, under section 285BA (5) can issue a notice to a specified person asking them to file Form 61A (Annual Information Return) within a period of 30 days from the date of receiving the notice. If they fail to file the statement within the allotted time then they will face a penalty of INR 1,000 per day after the date mentioned in the notice for furnishing the statements.

How can I file my Form 61A?
Here are the steps on how to fill and submit your Form 61A correctly.
Read More
How can I file my Form 61A?
Here are the steps on how to fill and submit your Form 61A correctly.
Read More

FAQs

What is File Validation Utility (FVU)?

FVU created by NSDL is a program to verify the format of AIR submitted by filers and to measure its accuracy.
FVU will accept AIR submissions only if it is error-free. If there are any errors in the details an error code and error description and details about the error will be displayed.
You can resubmit your form after correcting the errors. If there remains no error in filing AIR then the “File Validation Successful” message pops up.

How does the Income Tax Department (ITD) come to know about my “High value Transactions”?

If any Individual/Business makes a Financial Transaction which can be considered as “High value Transactions”, then the Bank and other Financial Institutes are responsible to report the transaction to the ITD, along with the registered PAN of that Person. Hence, ITD can come to know about your “High valued Transactions”

What are the Forms required for AIR?

AIR can be furnished through Form 61A (Part B) in a digitized form in a CD/Floppy. While Form 61A (Part A) in a paper format duly signed.

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