- Sep 29,2011
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. Theincome 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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