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AIR Service/ 24G




AIR Return File

Annual Information Return (AIR) of 'high value financial transactions' is required to be furnished under section 285BA of the Income-tax Act, 1961 by 'specified persons' in respect of 'specified transactions' registered or recorded by them during the financial year. The due date of filing of the return is the 31st of August of the following year. The 'specified persons' and the 'specified transactions' are listed in Rule 114E of the Income-tax Rules, 1962.


Who is required to furnish AIR?

As per the amended Rule 114E of the Income Tax Rules, 1962, the Annual Information Return should 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 April 1, 2004:

1

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). 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.

 

24G Return File

The Pay and Accounts Office (PAO)/ District Treasury Office (DTO)/ Cheque Drawing and Disbursing Office (CDDO) are required to file Form 24G as per Income-tax Department Notification no. 41/2010 dated May 31, 2010.

A unique seven digit Accounts Office Identification Number (AIN) shall be allotted by the Directorate of Income Tax (Systems), Delhi, to every AO. Each AO will be identified in the system by this number.

Each DDO will be identified in the system by a Tax Deduction and Collection Account Number (TAN). This number is allotted by Income Tax Department.

Every AO shall furnish one complete, correct and consolidated Form 24G every month having details of all type of deduction / collection viz. TDS-Salary / TDS-Non Salary / TDS-Non Salary Non Residents / TCS.

Every Form 24G shall be prepared in accordance with the data structure prescribed by the Income Tax Department (ITD).


The contents of Form 24G should be as follows:

  • Details of the AO filing Form 24G (AIN, name, demographic information, contact details).
  • Category of AO (Central / State Government) along with details of ministry / state.
  • Statement details (month and year for which Form 24G is being filed).
  • Payment summary; nature of deduction wise (TDS – Salary /TDS Non-salary / TDS – Non-salary Non-resident / TCS).
  • DDO wise payment details (TAN of DDO, name, demographic details, total tax deducted and remitted to the Government account (A.G. / Pr.CCA).
  • DDOs which are associated with the AO. If the DDO wants to add/delete or update details of DDO, same should be mentioned in the statement.
  • AO can prepare the statement either using his own software or using the Form 24G Preparation Utility developed by NSDL e-Governance Infrastructure Limited (NSDL) and freely available at Tax Information Network (TIN) website (www.tin-nsdl.com) or ITD website (www.incometaxindia.gov.in). You can click here to download the Form 24G Preparation Utility.

    Once the statement is prepared, the AO shall validate the same by using File Validation Utility (FVU) developed by NSDL e-Governance Infrastructure Limited (NSDL) and freely available at Tax Information Network (TIN) or ITD website. You can click here to download the Form 24G FVU.

    The statement can be furnished in Compact Disk (CD) at any of the TIN-Facilitation Centers (TIN-FC) managed by NSDL e-Governance Infrastructure Limited (NSDL) (list available at Tax Information Network (TIN) or ITD website) along with Form 24G Statement Statistics Report (generated through File Validation Utility), duly signed by the AO.

    Where the DDO and AO are same, the statistics report shall be counter signed by his superior officer.

    Once Form 24G is accepted by the TIN-FC, it will issue a provisional receipt with a unique number (Provisional Receipt Number) to the AO as a proof of submission of the statement.