DEFICIENCIES IN AIRs FILED BY BANK
Commissioner of Income Tax (Systems) has complained to RBI about late filing and deficiencies
in Annual Information Reports (AIRs) filed by the banks under section 285 BA for the financial
year 2004-05. While reacting on the complaint, RBI has issued a circular to all public sector as well as private sector banks including UTI bank, ICICI bank, HDFC bank, IDBI bank and Stock holding corporation of India Ltd. advising to submit 'Supplementary Information Report' if Income Tax Department so desire. RBI also advised to submit correct return for the financial year 2005-06 by August 31st, 2006. The major deficiencies which were noticed in the Returns are entering incomplete names and addressess of transacting parties, incorrect district codes, state codes, transaction codes,
incomplete name of filers etc.
in Annual Information Reports (AIRs) filed by the banks under section 285 BA for the financial
year 2004-05. While reacting on the complaint, RBI has issued a circular to all public sector as well as private sector banks including UTI bank, ICICI bank, HDFC bank, IDBI bank and Stock holding corporation of India Ltd. advising to submit 'Supplementary Information Report' if Income Tax Department so desire. RBI also advised to submit correct return for the financial year 2005-06 by August 31st, 2006. The major deficiencies which were noticed in the Returns are entering incomplete names and addressess of transacting parties, incorrect district codes, state codes, transaction codes,
incomplete name of filers etc.
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