Annual Information Return under Income Tax Act, 1961 for A.Y 2016-17

Annual Information Return Income Tax Act, 1961 for A.Y 2016-17


Section 285BA of the Income Tax Act, 1961, read with Rule 114E of the Income Tax Rules, 1962, mandates the filing of Annual Information Return (AIR) in respect of specified financial transactions carried out during the period from 01/04/2015 to 31/03/2016 upto 31st day of August 2016.

Following class of companies are required to file Annual Information Return:


S.No  (1)             Class of Person            (2)             Nature and Value of transaction            (3)


            1. A Company or institution issuing bonds or debentures. Receipt from any person of an amount of Rs 500,000/- or more for acquiring bonds or debentures issued by the Company or institution.
            2. A Company issuing shares through public or rights issue. Receipt from any person of an amount of Rs 100,000/- or more for acquiring shares issued by the Company.


Penalty for failure to furnish statement of financial transaction or reportable account


Section 271FA If a person who is required to furnish return under section 285BA, fails to furnish such  return within the time prescribed (i.e. 31st August of the following Financial year), the income-tax authority may direct that such person shall pay, by way of penalty, a sum of Rs. 100/- for every day during which such failure continues.


Provided that where such person fails to furnish the return within the period specified in the notice issued under sub-section (5) of section 285BA, he shall pay, by way of penalty, a sum of Rs. 500/- for every day during which the failure continues, beginning from the day immediately following the day on which the time specified in such notice for furnishing the statement expires.


NOTE: Due date &  amount of penalties for filing Annual Information Report for A.Y 2017-18  have been changed vide  Notification no. 95/2015 [F.No.142/28/2012­(SO)TPL] dated 31­/12/­2015.



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