{"id":2681,"date":"2016-09-09T20:46:50","date_gmt":"2016-09-09T15:16:50","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2681"},"modified":"2022-01-02T23:11:50","modified_gmt":"2022-01-02T17:41:50","slug":"annual-information-return-income-tax-act-1961-for-a-y-2016-17","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/annual-information-return-income-tax-act-1961-for-a-y-2016-17\/","title":{"rendered":"Annual Information Return under Income Tax Act"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69f537d43de64\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69f537d43de64\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/annual-information-return-income-tax-act-1961-for-a-y-2016-17\/#Penalty_for_failure_to_furnish_statement_of_financial_transaction_or_reportable_account\" title=\"Penalty for failure to furnish\u00a0statement of financial transaction or reportable account\">Penalty for failure to furnish\u00a0statement of financial transaction or reportable account<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/annual-information-return-income-tax-act-1961-for-a-y-2016-17\/#New_Annual_Information_Statement_AIS_is_extended_version_of_26AS\" title=\"New Annual Information Statement (AIS) is extended version of 26AS\">New Annual Information Statement (AIS) is extended version of 26AS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/annual-information-return-income-tax-act-1961-for-a-y-2016-17\/#Checking_AIS_is_mandatory_Before_Filing_your_ITR_Returns\" title=\"Checking AIS is mandatory Before Filing your ITR Returns\">Checking AIS is mandatory Before Filing your ITR Returns<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/annual-information-return-income-tax-act-1961-for-a-y-2016-17\/#Relief_for_Income_Tax_Taxpayer_Annual_Information_Statement_data_Not_to_be_used_for_Tax_Calculation_says_CBDT\" title=\"Relief for Income Tax Taxpayer, Annual Information Statement data Not to be used for Tax Calculation says CBDT\">Relief for Income Tax Taxpayer, Annual Information Statement data Not to be used for Tax Calculation says CBDT<\/a><\/li><\/ul><\/nav><\/div>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/09\/8.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-8963\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/09\/8.png\" alt=\"www.carajput.com; Income Tax\" width=\"815\" height=\"611\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/09\/8.png 600w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/09\/8-300x225.png 300w\" sizes=\"(max-width: 815px) 100vw, 815px\" \/><\/a><\/p>\n<p>Section 285BA of the <a href=\"https:\/\/www.caindelhiindia.com\/blog\/implication-of-cash-transaction-under-income-tax-act\/\">Income Tax Act, 1961<\/a>, 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 31<sup>st<\/sup>\u00a0day of August 2016.Following class of companies are required to file Annual Information Return:<\/p>\n<table style=\"height: 351px;\" width=\"857\">\n<tbody>\n<tr>\n<td width=\"54\"><strong>S.No<\/strong><strong>\u00a0 (1)<\/strong><\/td>\n<td width=\"300\"><strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/strong><strong>Class of Person<\/strong><strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/strong><strong>(2)<\/strong><\/td>\n<td width=\"327\"><strong>Nature and Value of transaction<\/strong><strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/strong><strong>(3)<\/strong><\/p>\n<p><strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/strong><strong>\u00a0<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"54\">\u00a0\u00a0\u00a0\u00a01.<\/td>\n<td width=\"300\">A Company or institution issuing bonds or debentures.<\/td>\n<td width=\"327\">Receipt from any person of an amount of Rs 500,000\/- or more for acquiring bonds or debentures issued by the Company or institution.<\/td>\n<\/tr>\n<tr>\n<td width=\"54\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02.<\/td>\n<td width=\"300\">A Company issuing shares through public or rights issue.<\/td>\n<td width=\"327\">Receipt from any person of an amount of Rs 100,000\/- or more for acquiring shares issued by the Company.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"Penalty_for_failure_to_furnish_statement_of_financial_transaction_or_reportable_account\"><\/span><span style=\"color: #000080;\"><strong><span style=\"text-decoration: underline;\">Penalty for failure to furnish<\/span><\/strong><span style=\"text-decoration: underline;\">\u00a0<strong>statement of financial transaction or reportable account<\/strong><\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><span style=\"text-decoration: underline;\">Section 271FA<\/span>&#8211;\u00a0If a person who is required to furnish\u00a0return under section 285BA, fails to furnish such\u00a0 return within the time prescribed (i.e. 31<sup>st<\/sup>\u00a0August 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.<\/li>\n<li>Provided\u00a0that where such person fails to furnish the\u00a0return within the period specified in the notice issued under sub-section (5) of\u00a0section 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.<\/li>\n<li><strong>NOTE:<\/strong> Due date &amp;\u00a0 amount of penalties for filing Annual Information Report for A.Y 2017-18 \u00a0have been change<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"New_Annual_Information_Statement_AIS_is_extended_version_of_26AS\"><\/span><span style=\"color: #000080;\"><strong>New Annual Information Statement (AIS) is extended version of 26AS<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>The new Annual Information Statement (AIS), which provides full information to a taxpayer for a specific financial year, was recently published by the Income Tax Department on the Compliance Portal. It contains data on taxpayers&#8217; earnings, financial activities, tax details, and Income Tax proceedings, among other things. It also takes comments from assessees on the data presented in the AIS.<\/li>\n<li>For each type of information, such as SFT, TDS, and so on, AIS presents both reported value (value submitted by reporting organisations) and modified value (value after incorporating the assessee&#8217;s feedback).<\/li>\n<\/ul>\n<p><strong>What is Objectives of the Annual Information Statement<\/strong><\/p>\n<p>Basic objectives of introducing the Annual Information Statement are:<\/p>\n<ul>\n<li>Preventing non-compliance.<\/li>\n<li>Encouraging voluntary compliance and facilitating seamless prefilling of return.<\/li>\n<li>Showing complete information to the assessee with a facility to provide online feedback.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Checking_AIS_is_mandatory_Before_Filing_your_ITR_Returns\"><\/span><span style=\"color: #000080;\"><strong>Checking AIS is mandatory Before Filing your ITR Returns<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>In order to promote transparency and simplifying the tax return filing process, CBDT vide Notification dated May 28, 2020 has amended Form 26AS vide Sec 285BB of Income Tax Act, 1961.<\/li>\n<li>The new Form 26AS is an Annual Information Statement or AIS which will provide a complete profile of the taxpayer for a particular year.<\/li>\n<li>Tax Dept has announced roll-out of a new statement \u2013 AIS . Annual Information Statement provide you all information about your transactions related to financial during the FY.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Relief_for_Income_Tax_Taxpayer_Annual_Information_Statement_data_Not_to_be_used_for_Tax_Calculation_says_CBDT\"><\/span><span style=\"color: #000080;\"><strong>Relief for Income Tax Taxpayer, Annual Information Statement data Not to be used for Tax Calculation says CBDT<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Tax Dept has rolled out the new Annual Information Statement (AIS) on the Compliance Portal which provides a comprehensive view of details to a income tax taxpayer with a facility to capture online feedback.<\/li>\n<li>New AIS includes additional information relating to interest, dividend, securities transactions, mutual fund transactions, foreign remittance information etc.<\/li>\n<li>The reported information has been processed to remove duplicate information. Income tax Taxpayer will be able to download Annual Information Statement details in PDF, JSON, CSV formats.<\/li>\n<li>\u201cAmid concerns raised by some tax professionals on social media over alleged discrepancies related to stock sale and purchase data of assessees on newly-introduced AIS, CBDT has said that Annual Information Statement data is not being used for suo moto tax liability calculation as of now.<\/li>\n<li>Experts have pointed out that Annual Information Statement is disclosed pledged shares as sale of shares, an entry which will enhance tax liability.<\/li>\n<li>They have also said that data on sale\/purchase of shares is showing the day\u2019s closing prices rather than prices at which the sale\/purchase was executed.<\/li>\n<li>Clarifying the points, a top official from Central Board of Direct Taxes \u00a0told Fortune India, \u201cThe equity data being reflected in Annual Information Statement is based on inputs from depositories.\u201d<\/li>\n<li>\u201cThe data is just there to make the tax payer aware about transactions that have been reported to the tax department by depositories and other third parties.<\/li>\n<li>We are not taking those transactions into account for pre-filling income tax return forms or calculating capital gains, etc, as of now, as it is a third party data,\u201d the official added. \u201cNo tax liability computation will be done based on the data,\u201d the official pointed out.<\/li>\n<li>From Media official information also said that AIS gives an option in the drop-down menu for raising a red flag on data sourced from third parties.\u201d<\/li>\n<li>New Income Tax Portal has several errors while processing income tax returns &amp; this is the 1<sup>st<\/sup> Year of Annual Information Statement.<\/li>\n<li>Many income tax Taxpayers are worried about wrong information captured and automatic notices may be send by income tax dept without verification of the data collected from the 3<sup>rd<\/sup> party.<\/li>\n<li>Lot of People because of Annual Information Statement are reporting translations in Shares this year as they have no choice than to disclose the transactions and pay capital gains.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>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\u00a0day of August 2016.Following class of companies are required to file Annual Information &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[4933,2601],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2681"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=2681"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2681\/revisions"}],"predecessor-version":[{"id":20715,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2681\/revisions\/20715"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2681"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2681"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2681"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}