Govt. is considering adding some new categories of AIR transactions

0 comments Thursday, September 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. The income 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.
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