| The income tax department has, so far, received just 728 AIRs "" a fourth of the total returns of 3,188 received last year. |
| The 728 AIRs cover 94,980 transactions worth Rs 1,41,870 crore pertaining to fiscal 2005-06. Last year, the 3,188 AIRs covered 18,88,523 transactions worth Rs 14,03,778 crore pertaining to fiscal 2004-05. The due date for filing the AIR for transactions undertaken in fiscal 2005-06 was August 31. |
| Tax department officials said the number of returns was expected to go up as the process was continuing. They added that the department was keeping a close watch on those not filing the AIR. |
| "All those who had filed the AIR last year should be filing it this year as well. If they don't, we will follow up with them," an official said. |
| The AIR has to be filed by seven agencies, such as banks, credit card companies, the Reserve Bank of India, and registrars of property. |
| At present, it has to be filed for seven kinds of transactions, which include cash deposits exceeding Rs 10 lakh, credit card payment exceeding Rs 2 lakh, RBI bonds exceeding Rs 5 lakh etc. |
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