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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. |
What is Objectives of the Annual Information Statement
Basic objectives of introducing the Annual Information Statement are:
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