Section 285BA - Annual Information Return

Authorising ‘agency’ for receiving Annual Information Returns on behalf of Commissioner of Income-tax (Central Information Branch) under section 285BA, read with rule 114E - In exercise of powers conferred under sub-section (1) of section 285BA of the Income-tax Act, 1961 (43 of 1961) read with Notification No. 182/2005/F.No. 142/44/2003-TPL, dated 11-7-2005, notifying the amended
rule 114E regarding furnishing of Annual Information Return, the Central Board of Direct Taxes hereby authorises National Securities Depository Limited, Trade World, 4th Floor, Kamala Mills Compound, Lower Parel, Mumbai - 400 013, including its front offices called TIN Facilitation Centres to act as an ‘Agency’ authorized to receive Annual Information Return on behalf of Commissioner of Income-tax (Central Information Branch) under proviso to sub-rule (3) of rule 114E of the Income-tax Rules, 1962

Obligation to furnish Annual Information Return - Clarifications regarding furnishing of Annual Information Return under section 285BA - Section 285BA of the Income-tax Act, 1961 requires certain specified persons (filers) to file an Annual Information Return (AIR) in respect of specified financial transactions registered or recorded by him during a financial year. The nature of the transactions and the threshold value above on which information has to be submitted in the AIR are prescribed in the Table in rule 114E of Income-tax Rules, 1962. Rule 114E has been amended vide Notification No.182/2005, dated 11-7-2005. The Form in which the return is to be filed is Form No. 61A, notified vide Notification No. 185/2005. The CBDT has authorized National Securities Depository Ltd. (NSDL), Trade World, 4th Floor, Kamala Mills Compound, Lower Parel, Mumbai-400 013 as the agency authorized to receive AIRs on behalf of the Commissioner of Income-tax (Central Information Branch).The filers can furnish the AIR with the facilitation centres of NSDL located in different parts of the country. The addresses of these facilitation centres are available on the website www.incometaxindia.gov.in andwww.tin.nsdl.com.

With a view to ensuring that the annual information return conforms to the required specifications, the person(s) responsible for filing return shall ensure the following:—

   (i) Form No. 61A - Part A is duly filled in and verified and enclosed in paper format with the Form No. 61A - Part B in computer media.

 (ii) The data structure of the AIR conforms to the data structure prescribed by the Administrator - Annual Information Return authorized by the Board.

(iii) The computer media containing AIR is readable, clean, virus free and not corrupt.

(iv) Permanent Account Number (PAN) of the person responsible for filing AIR (except in cases of Government departments) is mentioned in Form No. 61A (Part A and Part B).

 (v) Tax Deduction Account Number (TAN) of the office of the Principal Officer of the person responsible for filing AIR is mentioned in Form No. 61A (Part A and Part B) as the folio number for non-Government filers and of the filer in case of Government filers. In case TAN is not allotted, the return should be accompanied by a copy of acknowledgement of application made for allotment of TAN or duly filled in Form No. 49B with the requisite fees (only for Government filers).

(vi) The Control totals of total number of transactions and total value of all transactions mentioned at Item Nos. 8 and 9 of Form No. 61A (Part A) tally with the corresponding total at Item Nos. 7 and 8 of Form No. 61A (Part B).

(vii) The PAN, name, address, date of transaction, mode of transaction and amount of the transacting party or each of the joint parties in respect of every transaction are correctly and properly filled in at Item No. 9 of Form 61A (Part B). Where PAN is not required to be obtained under the law, it shall be mentioned in the form as to whether the transacting party is a Government Department or Consular Office or Form 60 or Form 61, as the case may be, has been received.

In case the AIR on the computer readable media is found to be corrupted or does not fulfil the above guidelines, the filer is expected to make appropriate correction and resubmit the Return.