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The Central Board of Direct Taxes amends the Income-tax Rules, 1962 to update due diligence standards, account review timelines, and Form 61B for reportable accounts. The rules update provisions for non-profit organizations and standing instructions for U.S. and other reportable accounts. Reporting entities complete pre-existing account reviews by specific dates based on account type and value. The rules substitute a revised Form 61B for reporting statements under section 285BA of the Income-tax Act, 1961. The amendments take effect on the date of publication in the Official Gazette, and the revised Form 61B applies from the first day of January, 2017.
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[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)]
GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES
NOTIFICATION
New Delhi, the 20th June, 2016
S.O. 2151(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 Government with respect to registration of persons, due diligence and maintenance of information, and the Central Board of Direct Taxes for matters relating to statement of reportable accounts, hereby make the following rules further to amend the Income-tax Rules, 1962, namely:-
(1) These rules may be called the Income–tax (15th Amendment) Rules, 2016. (2) Save as otherwise provided in these rules, they shall come into force on the date of their publication in the Official Gazette.
In the Income-tax Rules 1962 (hereafter referred to as the said rules) in rule 114F, in clause (6), in the Explanation, in clause (D),-
(a) in sub-clause (ii), for the word, brackets and figure “clause (3)”, the words, brackets and figure “clause (3), which is not located in any of the jurisdictions specified by the Central Board of Direct Taxes in this behalf” shall be substituted;
(b) for sub-clause (iii), the following sub-clause shall be substituted, namely:- “(iii) not a withholding foreign partnership or a withholding foreign trust;”,
(I) in clause (b), in sub-clause (i), for item (D), the following item shall be substituted, namely:- “(D) in case of U.S. reportable account, any standing instructions to transfer funds to an account maintained in a country or territory outside India and in case of other reportable account, any standing instructions (other than with respect to a depository account) to transfer funds to an account maintained in a country or territory outside India; or”;
(II) in clause (c), in sub-clause (ii), for item (E), the following item shall be substituted, namely:- “(E) in case of U.S. reportable account, any standing instructions to transfer funds currently in effect and in case of other reportable account any standing instructions (other than with respect to a depository account) to transfer funds currently in effect:”;
(III) in clause (d), for sub-clause (ii), the following sub-clause shall be substituted, namely:- “(ii) in case of a U.S. reportable account which is low value account as on the 30th June, 2014, shall be completed by the 30th June, 2016 and in case of other reportable account which is high value account as on the 31st December, 2015, shall be completed by the 31st December, 2016;”;
(b) in sub-rule (5), in clause (e), for sub-clause (i), the following sub-clause shall be substituted, namely:- “(i) review of pre-existing entity accounts with an aggregate account balance or value that exceeds an amount equivalent to two hundred and fifty thousand U.S. dollars as on the 30th June, 2014 (in case of a U.S. reportable account) shall be completed by the 30th June, 2016 and review of pre-existing entity accounts with an aggregate account balance or value that exceeds an amount equivalent to two hundred and fifty thousand U.S. dollars as on the, 31st December, 2015 (in case of other reportable account) shall be completed by the 31st December, 2016;”.
“FORM NO. 61B
[See sub-rule (8) of rule 114G]
Statement of Reportable Account under sub-section (1) section 285BA of the Income-tax Act, 1961 (see instructions for guidance)
PART A: STATEMENT DETAILS (This information should be provided for each Statement of Reports submitted together) A.1 REPORTING ENTITY DETAILS A.1.1 Reporting Entity Name A.1.2 ITDREIN . A.1.3 Global Intermediary Identification Number (GIIN) A.1.4 Registration Number A.1.5 Reporting Entity Category Insert 2 character code A.2 STATEMENT DETAILS A.2.1 Statement Type Insert 2 character code A.2.2 Statement Number A.2.3 Original Statement Id A.2.4 Reason for Correction Insert 1 character code A.2.5 Statement Date A.2.6 Reporting Period A.2.7 Report Type Insert 1 character code A.2.8 Number of Reports A.3 PRINCIPAL OFFICER DETAILS A.3.1 Principal Officer Name A.3.2 Principal Officer Designation A.3.3 Principal Officer Address A.3.4 City / Town A.3.5 Postal Code
A.3.6 State Code Insert 2 character code A.3.7 Country Code Insert 2 character code A.3.8 Telephone A.3.9 Mobile A.3.10 Fax A.3.11 Email
PART B: REPORT DETAILS (This information should be provided for each Account being reported)
B.1 ACCOUNT DETAILS (To be provided for each account being reported) B.1.1 Report Serial Number B.1.2 Original Report Serial Number B 1.3 Account Category
Insert 2 character code B.1.4 Account Type Insert 2 character code B.1.5 Currency in which account is maintained B.1.6 Account Number B.1.7 Account Number Type Insert 1 character code B.1.8 Account Holder Name B.1.9 Account Status Insert 1 character code B.1.10 Account Treatment Insert 1 character code B.1.11 Self- certification Insert 1 character code B.1.12 Documentation Status Insert 1 character code B.1.13 Date of closure of account, if closed during the year B.2 BRANCH DETAILS B.2.1 Branch Number Type Insert 1 character code B.2.2 Branch Reference Number B.2.3 Branch Name B.2.4 Branch Address B.2.5 City Town B.2.6 Postal Code B.2.7 State Code Insert 2 character code B.2.8 Country Code Insert 2 character code B.2.9 Telephone B.2.10 Mobile B.2.11 Fax B.2.12 Email B.3 ACCOUNT SUMMARY B.3.1 Account balance or value at the end of reporting period B.3.2 Aggregate gross interest paid or credited B.3.3 Aggregate gross dividend paid or credited B.3.4 Gross proceeds from sale of property B.3.5 Aggregate gross amount of all other income paid or credited
B.3.6 Aggregate gross amount credited B.3.7 Aggregate gross amount debited B.4 INDIVIDUAL DETAILS (To be provided for individual account holder ) B.4.1 Name B.4.2 Customer ID B.4.3 Father’s Name B.4.4 Spouse’s Name B.4.5 Gender Insert 1 character code (Refer Instructions) B.4.6 PAN B.4.7 Aadhaar Number B.4.8 Identification Type Insert 1 character code B.4.9 Identification Number B.4.10 Occupation Type Insert 1 character code B.4.11 Occupation B.4.12 Birth Date B.4.13 Nationality Insert 2 character code B.4.14 Country of Residence as per tax laws Insert 2 character code B.4.15 Place of Birth B.4.16 Country of Birth Insert 2 character code B.4.17 Tax Identification Number (TIN) allotted by tax resident country B.4.18 TIN Issuing Country Insert 2 character code B.4.19 Address Type Insert 2 character code B.4.20 Address B.4.21 City / Town B.4.22 Postal Code B.4.23 State Code Insert 2 character code B.4.24 Country Code Insert 2 character code B.4.25 Mobile/Telephone Number B.4.26 Other Contact Number B.4.27 Remarks
B.5 LEGAL ENTITY DETAILS (To be provided for entity account holder) B.5.1 Name of the Entity B.5.2 Customer ID B.5.3 Account Holder Type for US Insert 2 character code Reportable Person B.5.4 Account Holder Type for Other Insert 2 character code Reportable Person B.5.5 Entity Constitution Type Insert 1 character code B.5.6 Date of Incorporation B.5.7 Nature of Business B.5.8 PAN B.5.9 Identification Type Insert 1 character code B.5.10 Identification No. B.5.11 Identification issuing Country Insert 2 character code B.5.12 Place of Incorporation B.5.13 Country of Incorporation Insert 2 character code B.5.14 Country of Residence as per tax laws Insert 2 character code B.5.15 Tax Identification Number (TIN) allotted by tax resident country B.5.16 TIN Issuing Country Insert 2 character code B.5.17 Address Type Insert 1 character code B.5.18 Address B.5.19 City / Town B.5.20 Postal Code B.5.21 State Code Insert 2 character code B.5.22 Country Code Insert 2 character code B.5.23 Mobile/Telephone Number B.5.24 Other Contact Number B.5.25 Remarks
