What is AIR number in Income tax?
Can anyone help me explain the process involved to get AIR ? and why is it required ? why is it required for high value transaction ?
What is a high value transaction ? ( what is the cap? 1 lakh /2 /5 ?)
Thanks in advance.
There is no such number in Income Tax. Banks and other financials institutes and also required persons have to give the information to income tax department regarding some transactions in Annual Information Report.
Banks have to give information in AIR if any saving bank account is credited more than 10,00,000 in a year or 1,00,000 in a day etc.