Transactions that are required to be reported under section 285BA (1) (AIR Reporting)
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Transactions that are required to be reported under section 285BA (1) (AIR Reporting)
The statement of financial transaction shall be furnished by every person mentioned in column (3) of the Table below in respect of all the transactions of the nature and value specified in the corresponding entry in column (2) of the said table, which are registered or recorded by him on or after the 1st day of April, 2016, namely:-
| S.No | Nature and Value of Transaction | Value of Transaction in a Financial Year | Reporting person |
| 1 | Payment made in cash for purchase of bank drafts or pay orders or banker's cheque | 10 Lacs |
|
| pre-paid instruments issued by Reserve Bank of India | 10 Lacs | ||
| Cash deposits or cash withdrawals (including through bearer's cheque) | 50 Lacs | ||
| Cash deposits , in one or more accounts (other than a current account) of a person | 10 Lacs | ||
| One or more time deposits (other than a time deposit made through renewal of another T.D) | 10 Lacs | ||
| Payments made for Credit Card | 1 Lac (10 lac other mode) | ||
| 2 | Receipt from any person for acquiring bonds or debentures issued by the company or institution (other than the amount received on account of renewal of the bond or debenture issued by that company). | 10 Lacs | A company or institution issuing bonds or debentures. |
| 3 | Receipt from any person for acquiring shares (including share application money) issued by the company. | 10 Lacs | A company issuing shares |
| 4 | Buy back of shares from any person (other than the shares bought in the open market) | 10 Lacs | A company purchasing its own securities |
| 5 | Receipt from any person for acquiring units of one or more schemes of a Mutual Fund (other than the amount received on account of transfer from one scheme to another scheme of that Mutual Fund). | 10 Lacs | A trustee of a Mutual Fund or such other person managing the affairs of the Mutual Fund |
| 6 | Receipt from any person for sale of foreign currency including any credit of such currency to foreign exchange card or through issue of travelers cheque or draft or any other instrument | 10 Lacs | Authorized person under Foreign Exchange Management Act, 1999 10. |
| 7 | Purchase or sale by any person of immovable property for an amount of Rs. 10 lakh or more or valued by the stamp valuation authority referred to in section 50C of the Act at Rs. 30 lakh or more. | 10 Lacs | Inspector-General or Registrar or Sub-Registrar appointed under the Registration Act, 1908 |
| 8 | Receipt of cash payment for sale of Goods or Service, by any person, (other than those specified at Sl. Nos. 1 to 7of this rule, if any.) | 2 Lacs | Any person who is liable for audit under section 44AB of the Act. [As amended by Finance Act, 2016] |
(CA RAHUL KUMAR MODI)
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