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Income-Tax Rules - Rule No. 114E
July, 29th 2010

55[Furnishing of Annual Information Return.

114E. (1) The annual information return required to be furnished under sub-section (1) of section 285BA shall be furnished in Form No. 61A and shall be verified in the manner indicated therein.

(2) The return referred to in sub-rule (1) shall be furnished by every person mentioned in column (2) of the Table below in respect of all transactions of the nature and value specified in the corresponding entry in column (3) of the said Table, which are registered or recorded by him during a financial year beginning on or after the 1st day of April, 2004:

Table

Sl.No.

Class of person

Nature and value of transaction

(1)

(2)

(3)

1.

A Banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution refer- red to in section 51 of that Act).

Cash deposits aggregating to ten lakh rupees or more in a year in any savings account of a person maintained in that bank.

2.

A banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act) or any other company or institution issuing credit card.

Payments made by any person against bills raised in respect of a credit card issued to that person, aggregating to two lakh rupees or more in the year.

3.

A trustee of a Mutual Fund or such other person managing the affairs of the Mutual Fund as may be duly authorised by the trustee in this behalf.

Receipt from any person of an amount of two lakh rupees or more for acquiring units of that Fund.

4.

A company or institution issuing bonds or debentures.

Receipt from any person of an amount of five lakh rupees or more for acquiring bonds or debentures issued by the company or institution.

5.

A company issuing shares through a public or rights issue.

Receipt from any person of an amount of one lakh rupees or more for acquiring shares issued by the company.

6.

Registrar or Sub-Registrar appointed under section 6 of the Registration Act, 1908.

Purchase or sale by any person of immovable property valued at thirty lakh rupees or more.

7.

A person being an officer of the Reserve Bank of India, constituted under section 3 of the Reserve Bank of India Act, 1934, who is duly authorized by the Reserve Bank of India in this behalf.

Receipt from any person of an amount or amounts aggregating to five lakh rupees or more in a year for bonds issued by the Reserve Bank of India.

(3) The return referred to in sub-rule (1) shall be furnished to the 56[Director] of Income-tax (Central Information Branch):

Provided that where the Board has authorised an agency57 to receive such return on behalf of the 56[Director] of Income-tax (Central Information Branch), the return shall be furnished to that agency.

(4)(a) The return comprising Part A and Part B of Form No. 61A referred to in sub-rule (1) shall be furnished on computer readable media being a floppy (3.5 inch and 1.44 MB capacity) or CD-ROM (650 MB or higher capacity) or Digital Video Disc (DVD), along with Part A thereof on paper :

Provided that a person responsible for furnishing the return, may, at his option, furnish the return through online transmission of electronic data to a server designated by the Annual Information Return - Administrator referred to in sub-rule (7) for this purpose under the digital signature of the person specified in sub-rule (6) :

Provided further that the return shall be prepared in accordance with the data structure specified by the Annual Information Return - Administrator referred to in sub-rule (7) in this regard.

(b) The person responsible for furnishing the return shall ensure that

               (i)   if the data relating to the return or statement is copied using data compression or backup software utility, the corresponding software utility or procedure for its decompression or restoration shall also be furnished along with the computer media return or statement;

             (ii)   the return is accompanied by a certificate regarding clean and virus free data.

Explanation.For the purposes of this sub-rule, digital signature means a digital signature issued by any Certifying Authority authorised to issue such certificates by the Controller of Certifying Authorities.

(5) The return referred to in sub-rule (1) shall be furnished on or before 31st August, immediately following the financial year in which the transaction is registered or recorded.

(6) The return referred to in sub-rule (1) shall be signed and verified by

             (a)   in a case where the person furnishing the return is an assessee as defined in clause (7) of section 2 of the Act, by a person specified in section 140 of the Act;

             (b)   in any other case, by the person referred to in column (2) of the Table below sub-rule (2).

(7) The Board may appoint an officer designated as Annual Information Return - Administrator58, not below the rank of the Commissioner of Income-tax for the purposes of day-to-day administration of furnishing of the Annual Information Return including specification of the procedures, data structure, formats and standards for ensuring secure capture and transmission of data, evolving and implementing appropriate security, archival and retrieval policies.]

 
 
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