AIR (Annual Information Return) filing is a requirement for entities who engage in specified high-value transactions in a financial year. These transactions include cash deposits exceeding Rs.10 lakh, investments in mutual funds, purchase of bonds or debentures exceeding Rs.10 lakh, and more.
The deadline for AIR filing in India is usually May 31st of the subsequent financial year. Entities can file their AIR online through the government’s e-filing portal.
Filing AIR accurately and on time is important to avoid penalties and legal consequences. It is also essential to maintain accurate records of the specified high-value transactions throughout the year to ensure that the correct amount of taxes is paid and the appropriate deductions and exemptions are claimed.
If you have any doubts or queries regarding the AIR filing process, it is advisable to seek professional assistance from a tax consultant or a Chartered accountant (Auditor). They can guide you through the process and help ensure that your AIR is filed accurately and on time.