Relyon Softech Ltd Relyon Softech Ltd Relyon - Payroll, Taxation,eTDS Software...
Annual Information Return
FREQUENTLY ASKED QUESTIONS
1.

What is Saral AIR?
Saral AIR is the software for the Electronic Filing of Annual Information Returns as per the new provisions of Income Tax.

2.

Why Saral AIR?
As Annual Information Returns details are mandatory to be submitted in Electronic format through a computer media, it creates a requirement for a software that generates DATA, Calculates and produces the report in the format as specified by NSDL. Saral AIR qualifies all the mentioned requirements and the main advantage of using Saral AIR is that it is user-friendly and any user with basic knowledge of computers as well as forms can generate the report using Saral AIR.

3.

What is Annual Information Return? Who should furnish AIR?

Section 285BA of the IT Act (Amended) mandates the specified entities to furnish an Annual Information Return (AIR) in respect of specified financial transactions registered/recorded during the financial year (beginning on or after April 1, 2004). The Annual Information Return shall be furnished by every person mentioned below in respect of all transactions of the nature and value specified in the corresponding entry.


AIR must be furnished by :

1. A banking company 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 or any other company or institution issuing credit card Credit Card Payments to a person, aggregating to two lakh rupees or more in the year.
3. A trustee of a Mutual Fund 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 the Registration Act, 1908
Purchase or sale by any person of immovable property valued at thirty lakh rupees or more.
7.
An officer of the Reserve Bank of India, 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.

4.

What is NSDL?
National Security Depositories Limited(NSDL), Mumbai is the Intermediatory appointed by IT Department for the e-Governance of Direct Taxes. It is the company tendered by IT department for the superintendence of Direct Tax Collection and return’s administration.

5.

What is e-return?
e- return is electronic filing of Income Tax returns. It is the process where the data which was submitted through paper returns in the earlier procedure is converted to a specified (by NSDL) text format in the 1st level (Deductor/Collector) itself. The data is directly or indirectly uploaded to NSDL.

6.

When AIR must be furnished?
The AIR is required to be furnished on or before 31st of August, immediately following the financial year in which the transaction is registered/recorded. The AIR shall be required to be filed in an electronic form along with Form no.61A (Part A) containing the control totals in paper form.

7.

What are the general points to be considered while filing the forms in Saral AIR?

The file master menu in the Saral AIR contains contact details and Statutory details. One should fill the necessary data in contact detail and in statutory detail. The main points to be noted is as follows:
  • Length of the company name restricted to 75 characters
  • Length of each address lines vary from 3 to 25 characters
  • PAN need to be in latest standard format
  • TAN need to be in latest standard format

  • NOTE: Further, the user can select the option<TAN Applied etc> if he has just applied for TAN.

    8.

    What are the formalities to get a new TAN No?
  • If the user does not have TAN No, then the used need to submit TAN application in physical format and obtain TAN
  • If user has old TAN, the user can visit www.incometaxindia.gov.in, select TAN search option and find out both latest reformatted, 10 Digit TAN and the Assessing officers code. User can print a copy of this page for reference.

    9.

    What are the options available for the user in Saral AIR to enable easy and smooth flow of entries and report generation?
    Saral AIR facilitates the following:
  • Allows Joint Parties – transactions can be entered by using more than one party.
  • Auto populate System Date – In transactions the date values will be automatically generated.
  • Enable Reference – Allows to enter a reference which can be given in the Party Master Screen.
  • Allows RE-Numbering of Transactions – Auto re-numbering of Serial numbers of different transactions will be taken care.
  • Automatically generate Branch/Party Serial No – User can go for auto generation of the Serial numbers of masters like Branch/ Party.
  • Allows same PAN to be used by different parties – User will be running different firms for which he would be the proprietor and will have one PAN.
    So the user will be the same for different parties. By enabling this option, Multiple Branch creation usage of those in the transaction is possible.

    10.

    What is FVU?
    FVU (File Validation Utility)
    FVU is a utility provided by NSDL to verify the e-return (Text File) generated by the Deductor, with the format prescribed. FVU takes an input file and generates a report and *.FVU file.

    11.

    What is Form 61-A? What is the role of 61-A in Saral AIR?
    61 A => Annual Information Return under section 285BA of the Income – Tax Act, 1961.
    Form 61 A will generate the said form which is the control total statement of all the transactions entered.
    NOTE: It is a must to submit this printed form along with every e-Return of AIR.

    12.

    What are the options available with Form 61- A ?
    Form 61 A can be generated in two parts. Part A is the control total statement and Part B is the actual return containing the details of the individual transactions.

    13.

    If the user finds difficult to enter data in the form what would be the alternative measure?
    Saral AIR is furnished with IMPORT/EXPORT option, where the user can use Excel to fill the details and can transfer the details from form to excel vice-versa.

    14.

    What are the features available in Excel Templates?
    Features available in excel templates:
    Selection from list is available (For Eg: State...)
    Automatic date conversion and numeric conversion
    Max length restriction.
    Tool tips are displayed in required places.
    Color coding for indicating Option, Mandatory and Calculated fields.

    15.

    What is the use of Validation Utility provided by NSDL? What role does Saral AIR Play?
    NSDL has provided a Validation Utility using which the e-return file will be validated in the facilitation centers. Using this application user can manually, validate any file by selecting e-return file as Input File and specify a location to write the Error Report.
    In SaralAIR when the e-Return file is generated it is automatically validated using this application, however, we have provided this option for user who wishes to do it manually.

    16.

    How does Saral AIR help with PAN Reports?
     

    Saral AIR generates two types of reports:

  • PAN entered – An excel file showing the list of the parties for whom PAN have been entered. This will also show the PAN has entered for all such parties.
  • PAN missing – An excel file showing the list of the parties for whom PAN have not been entered. This will also show the status of the PAN which is entered.

    17.

    How can a customer differentiate the various parties for whom the AIR must be prepared using Saral AIR?
    The customers are divided in to seven groups to furnish AIR and Saral AIR provides the option of Transaction Code in the Transaction details form. Here the seven groups are separated with Transaction No’s and the customer can look in to the transaction no to find out in which group the particular party falls.

    18.

    What are the other options available to know more about Saral AIR?
    The user can view the help menu in Saral AIR Software or alternatively post their queries to Relyon Softech Ltd over e-mail or Telephone. The Customer Service Executives will contact them shortly.

      All rights reserved for Relyon Softech Ltd.