[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II,
SECTION 3, SUB-SECTION (i)]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF DIRECT TAXES
NOTIFICATION
New Delhi, the 15th November, 2016
G.S.R 1068(E).- In exercise of the powers conferred by section 285BA, read with
section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes
hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
1. (1) These rules may be called the Income–tax (30th Amendment) Rules, 2016.
(2) They shall come into force from the date of their publication in the Official Gazette.
2. In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 114B, in
the Table, for serial number 10 and entries relating thereto the following serial number
and entries shall be substituted, namely:-
3. In the said rules, in rule 114E, ̶
(i) in sub-rule (2), in the Table, after serial number 11 and entries relating thereto the
following serial number and entries shall be inserted, namely:-
Sl. No.
Nature of transaction
Value of transaction
(1)
(2)
(3)
“10.
Deposit with,-
(i) a banking company or a co-
operative bank to which the Banking
Regulation Act, 1949 (10 of 1949),
applies (including any
bank
or
banking institution referred to in
section 51 of that Act);
(ii) Post Office.
Cash deposits,-
(i) exceeding fifty thousand rupees
during any one day; or
(ii) aggregating to more than two lakh
fifty thousand rupees during the period
09th November, 2016 to 30th December,
2016.”.
Sl. No.
Nature and value of transaction
Class of person (reporting person)
(1)
(2)
(3)
“12.
Cash deposits during the period
09th November, 2016 to 30th
December, 2016 aggregating to ̶
(i) twelve lakh fifty thousand
rupees or more, in one or more
current account of a person; or
(i) A banking company or a co-operative
bank to which the Banking Regulation Act,
1949 (10 of 1949) applies (including any
bank or banking institution referred to in
section 51 of that Act);
(ii) Post Master General as referred to in
(ii) in sub-rule (5), the following proviso shall be inserted, namely:-
“Provided the statement of financial transaction in respect of the transactions listed at
serial number (12) in the Table under sub-rule (2), shall be furnished on or before the 31st
day of January, 2017.”.
[Notification No. 104/2016][F.No.370142/32/2016-TPL]
(Dr. T.S. Mapwal)
Under Secretary to the Government of India
Note:- The principal rules were published vide notification S.O. 969 (E), dated the 26th
March, 1962 and last amended vide notification S.O.3399(E), dated 07th November, 2016.
(ii) two lakh fifty thousand rupees
or more, in one or more accounts
(other than a current account) of a
person.
clause (j) of section 2 of the Indian Post
Office Act, 1898 (6 of 1898).”;
