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DGIT(S)/ADG(S)-2/Notification/106/2018
Government of India
Ministry of Finance
Central Board of Direct Taxes
Directorate of Income Tax (Systems)
Notification No. 4 of 2018
New Delhi, 5th April, 2018
Procedure for registration and submission of Statement of Reportable Account as per
section 285BA of Income-tax Act, 1961 read with Rule 114G of Income-tax Rules, 1962.
Section 285BA of the Income Tax Act, 1961 (hereunder referred to as the “Act”),
requires prescribed reporting financial institution to furnish Statement of Reportable
Account. Rule 114G of the Income Tax Rules, 1962 (hereunder referred to as the “Rules”)
specifies that the Statement of Reportable Account required to be furnished under clause (k)
of sub section (1) of section 285BA shall be furnished by a reporting financial institution in
respect of each account which has been identified, pursuant to due diligence procedure
specified in rule 114H, as a reportable account in Form No. 61B.
2.
As per sub rule (10)(a) of Rule 114G, every reporting financial institution shall
communicate to the Principal Director General of Income-tax (Systems) the name,
designation, address and communication details of the Designated Director and the Principal
Officer and obtain a registration number. Procedure for registration for submission of
Statement
of
Reportable
Account
has
been
published
on
e-filing
portal
(https://incometaxindiaefiling.gov.in/) vide Notification No.4 of 2016 dated 06thApril, 2016 and
this
is
being
modified
in
view
of
the
newly
launched
“Reporting
Portal”(https://report.insight.gov.in).
3.
As per sub rule (9)(a) of Rule 114G, the Statement of Reportable Account shall be
furnished through online transmission of electronic data to a server designated for this
purpose under the digital signature of the person specified in sub-rule (10)(b) and in
accordance with the data structure specified in this regard by the Principal Director General
of Income-tax (Systems). The statement of Reportable Account shall be furnished on or
before the 31st May, immediately following the calendar year in which the transaction is
registered or recorded.
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4.
As per sub-rule (9)(b) of Rule 114G Principal Director General of Income-tax
(Systems) shall specify the procedures, data structures and standards for ensuring secure
capture and transmission of data, evolving and implementing appropriate security, archival
and retrieval policies.
5.
Modification/ changes in the schema / data structure of Form No. 61B: The
values under Statement Type of Form No. 61B have been modified / enhanced in exercise
of power under sub rule 9(b) of Rule 114G by Principal Director General of Income Tax
(Systems). The detailed list of modification / changes in schema / data structure of the Form
No.61B is attached as Annexure A.
6.
In exercise of the powers delegated by Central Board of Direct Taxes (‘Board’) under
sub rule (9)(a) and (9)(b) of Rule 114G of the Income tax Rules 1962, the Principal Director
General of Income-tax (Systems) hereby lays down the following procedure:
a) Already registered reporting financial institution on e-filing portal: The
registration details of already registered reporting financial institution have been
migrated from e-filing portal to reporting portal. The registered users of such
reporting financial institution shall be communicated of their new login credentials
through registered email to be used at Reporting Portal. There is no need of
registering again for such financial institution.
b) New Registration, Generation of Income Tax Department Reporting Entity
Identification Number (ITDREIN):The reporting financial institution is required to
get registered with the Income Tax Department by logging in to the e-filing website
(https://incometaxindiaefiling.gov.in/) with the log in ID used for the purpose of filing
the Income Tax Return of the reporting financial institution. The reporting financial
institution needs to click on “Reporting Portal” link under “My Account” tab at e-
filing portal to access ‘Reporting Portal’ for first time registration. The reporting
financial institution will mandatorily be required to enter the details of form type,
category and address of reporting financial institution alongwith details of Principal
Officer. On successful submission, the ITDREIN is generated and the principal
officer will receive a confirmation e-mail on his/her registered e-mail address and
SMS at his/her registered mobile number. There will be no option to de-activate
ITDREIN, once it is generated.
c) Addition of Designated Director: The reporting financial institution is required to
submit the details of Designated Director either at the time of new registration or at
a later stage, but before any statement is submitted on Reporting Portal. The
Designated Director will receive a confirmation e-mail with login credentials for
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login into reporting portal (https://report.insight.gov.in) at his/her registered e-mail
address. Only, the Designated Director of the reporting financial institution can
digitally sign and upload the Statement of Reportable Account and the
corresponding correction statements, if any, through his/her own login credentials
at the Reporting Portal or through Generic Submission Utility.
d) Submission of Form No.61B: Every reporting financial institution is required to
submit the Statement of Reportable Account in Form No.61B. The prescribed
schema, Report Generation and Validation Utility for Form No.61B and Generic
Submission Utility can be downloaded from the Reporting Portal under
“Resources” tab. The prepared Statement to be filed is required to be digitally
signed by and uploaded at the Reporting Portal or through Generic Submission
Utility through the login credentials (PAN and password) of the Designated
Director.
e) Submission of correction statement: In case, the reporting financial institution
comes to know or discovers any inaccuracy in the information provided in the
statement or the defects have been communicated to the reporting financial
institution through Data Quality Report (DQR) after submission of Statement, it is
required to remove the defects by submitting a correction statement. The number
of “Reports Requiring Correction” (RRC) will be visible against the original
statement on Reporting Portal under the ‘Statement Pending for Correction’ tab.
The user can download the DQR file from the DQR column under ‘Statements
Pending for Correction’ Tab of Reporting Portal, which can then be opened on the
Report Generation utility to find and fix the errors. The reporting financial institution
needs to rectify all the defects till the number of “Reports Requiring Correction
(RRC) becomes zero within the specified period.
f) Deletion of Submitted Reports in a statement: In case, the reporting financial
institution wishes to delete the inadvertently filed reports within a statement, it can
choose the statement type as “Deletion Statement” and file all such reports within a
single statement to be deleted with exact previously filed values against each field.
The manner of filing Deletion Statement shall be similar to submission of correction
statement.
g) Security, archival and retrieval policies: The reporting financial institution is
required to document and implement appropriate information security policies and
procedures with clearly defined roles and responsibilities to ensure security of
submitted
information
and
related
information/documents.
The
reporting
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Annexure A
Modification / Changes in schema / data structure of Form No. 61B
#
Field
Existing Values
Proposed Values
1.
Statement
Type
(A.2.1)
NB – New Statement
containing new information
CB – Correction Statement
containing corrections
for previously submitted
information
ND – No Data to report
NB – New Statement containing new
information
CB – Correction Statement containing
corrections for previously submitted
information
DB- Deletion Statement for deletion of
previously submitted information
ND – No Data to report
