A bunch of friends and I have received notices from Income tax department under various codes. Does anyone have an explanation on what these codes mean?
If you need help on filing returns when trading the markets, check this module on varsity.
Income tax department has started sending notices to non-filers and mis-filing for the assessment year 2013-14 & onwards. Basically the code will tell you the reason why the notice is being sent.
Annual Information Return(AIR)
AIR-001: Cash deposits aggregating to Rs. 10,00,000/- or more in a year in any savings account
AIR-002: Paid Rs. 2,00,000/- or more against credit card bills
AIR-003: Investment of Rs. 2,00,000 or more in Mutual Fund
AIR-004: Investment of Rs. 5,00,000/- or more in Bonds or Debenture
AIR-005: Investment of Rs. 1,00,000/- or more for acquiring shares
AIR-006: Purchase of Immovable Property valued at Rs. 30,00,000/- or more.
AIR-007: Investment in RBI Bond of Rs. 5,00,000/- or more
Central Information Branch (CIB)
CIB- 94: Sale of Motor Vehicle
CIB-151: Transfer of immovable property
CIB-154: Transfer of capital assets where value declared for the purpose of stamp duty is more than sale value
CIB-157: Purchase of Immovable property valued at Rs. 5 lakhs or more
CIB-183: Time deposit of Rs 1,00,000/-
CIB-185: Purchase of Bank Draft of more than Rs. 50,000/- in cash
CIB 321: Share Transactions more than Rs. 20,000/-
CIB-403: Investment in Fixed Deposit/Time Deposit exceeding Rs. 2,00,000/-
CIB-406: Payment made against Credit Card more than Rs 2,00,000/-
CIB-410: Cash deposit aggregating of Rs 200000 on a day
CIB-502: Contract of Rs. 10,00,000/-or more in the Commodities Exchange
CIB-514: Interest paid by co operative credit Society
CIB: Payment in connection with foreign travel amount exceeding Rs. 1,00,000/- at one time
CIB: Payment to Hotel and Restaurants exceeding Rs. 1,00,000/- at one time
TDS return
TDS-94A: TDS Return – Interest other than interest on security (section 194A)
TDS-92B: TDS Return – Salary to Employees (section 192)
Service Tax ReturnEXC-002: Turnover from services reported in Service Tax Return
Stock Broker
STT-01: Purchase of equity share in a recognised stock exchange
STT-02: Sale of equity Share (settled by actual delivery or transfer) in a recognised stock exchange
STT-03: Sale of equity Share (settled by otherwise than by the actual delivery or transfer) in a recognised stock exchange
STT-04: Sale of option in securities (derivative) in a recognised stock exchange
STT-05: Sale of Futures (derivative) in a recognised stock exchange
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