Saturday, 11 March 2017

Section- 285BA of Income Tax, Along with 114E Furnishing of statement of financial transaction

  Section- 285BA of Income Tax, Along with 114E
Furnishing of statement of financial transaction

(1) The statement of financial transaction required to be furnished under sub-section (1) of section 285BA of the Act shall be furnished in respect of a financial year in Form No. 61A and shall be verified in the manner indicated therein.

(2) The statement referred to in sub-rule (1) shall be furnished by every person mentioned in column (3) of the Table below in respect of all the transactions of the nature and value specified in the corresponding entry in column (2) of the said Table in accordance with the provisions of sub-rule (3), which are registered or recorded by him on or after the 1st day of April, 2016, namely:—


Sl.No.
Nature and value of transaction
Class of person (reporting person)
(1)
(2)
(3)
1.
(a) Payment made in cash for purchase of
A  banking  company  or  a  co-operative

bank  drafts  or  pay orders  or  banker’s
bank to which the Banking Regulation

cheque of an amount aggregating to ten
Act, 1949 (10 of 1949) applies (including

lakh rupees or more in a financial year.
any bank or banking institution referred to


in section 51 of that Act).

(b) Payments made in cash aggregating


to ten lakh rupees or more during the


financial year for purchase of pre-paid


instruments issued by Reserve Bank of


India under section 18 of the Payment


and Settlement Systems Act, 2007 (51 of


2007).


(c) Cash deposits  or cash withdrawals


(including   through   bearer’s   cheque)


aggregating to fifty lakh rupees or more


in a financial year, in or from one or more


current account of a person.

2.
Cash  deposits  aggregating  to  ten  lakh
(i) A banking company or a co-operative

rupees or more in a financial year, in one
bank to which the Banking Regulation

or more accounts (other than a current
Act, 1949 (10 of 1949) applies (including

account and time deposit) of a person.
any bank or banking institution referred to


in section 51 of that Act);


(ii) Post Master General as referred to in


clause (j) of section 2 of the Indian Post


Office Act, 1898 (6 of 1898).                                            
3.
One or more time deposits (other than a
(i) A banking company or a co-operative

time deposit made through renewal of
bank to which the Banking Regulation

another  time  deposit)  of  a  person
Act, 1949 (10 of 1949) applies (including

aggregating to ten lakh rupees or more in
any bank or banking institution referred to

a financial year of a person.
in section 51 of that Act);


(ii) Post Master General as referred to in


clause (j) of section 2 of the Indian Post


Office Act, 1898 (6 of 1898);



(iii) Nidhi referred to in section 406 of the


Companies Act, 2013 (18 of 2013);


(iv)   Non-banking  financial   company


which holds a certificate of registration


under section 45-IA of the Reserve Bank


of India Act, 1934 (6 of 1934), to hold or


accept deposit from public.
4.
Payments  made  by  any  person  of  an
A  banking  company  or  a  co-operative

amount aggregating to-
bank to which the Banking Regulation

(i)
one lakh rupees or more in cash; or
Act, 1949 (10 of 1949) applies (including

any bank or banking institution referred to

(ii)
Ten lakh rupees or more by any

in section 51 of that Act) or any other

other mode,

company or institution issuing credit card.

against bills raised in respect of one or



more credit cards issued to that person, in


a financial year.

5.
Receipt from any person of an amount
A company or institution issuing bonds or

aggregating to ten lakh rupees or more in
debentures.

a financial year for acquiring bonds or


debentures  issued  by  the  company  or


institution   (other   than   the   amount


received on account of renewal of the


bond   or   debenture   issued   by  that


company).

6.
Receipt from any person of an amount
A company issuing shares.

aggregating to ten lakh rupees or more in


a  financial  year  for  acquiring  shares


(including share  application money)


issued by the company.

7.
Buy  back  of  shares  from  any  person
A company listed on a recognised stock

 (other than the shares bought in the open
exchange purchasing its own securities

 market)   for   an   amount   or   value
under section 68 of the Companies Act,

 aggregating to ten lakh rupees or more in
2013 (18 of 2013).

 a financial year.

8.
Receipt from any person of an amount
A trustee of a Mutual Fund or such other

aggregating to ten lakh rupees or more in
person managing the affairs of the Mutual

a financial year for acquiring units of one
Fund as may be duly authorised by the

or more schemes of a Mutual Fund (other
trustee in this behalf.

than the amount received on account of


transfer  from  one  scheme  to  another


scheme of that Mutual Fund).

9.
Receipt  from  any  person  for  sale  of
Authorised person as referred to in clause

foreign currency including any credit of
(c) of section 2 of the Foreign Exchange

such currency to foreign exchange card
Management Act, 1999 (42 of 1999).

or expense in such currency through a

debit or credit card or through issue of


travellers cheque or draft or any other


instrument of an amount aggregating to



ten lakh rupees or more during a financial


year.

10.
Purchase  or  sale  by  any  person  of
Inspector-General Appointed under

immovable  property for  an  amount  of
section 3 of the Registration Act, 1908 or

thirty lakh rupees or more or valued by
Registrar  or  Sub-Registrar  appointed

the stamp valuation authority referred to
under section 6 of that Act.

in section 50C of the Act at thirty lakh


rupees or more.

11.
Receipt of cash payment exceeding two
Any person who is liable for audit under

lakh rupees for sale, by any person, of
section 44AB of the Act.

goods or services of any nature (other


than those specified at Sl. No. 1 to 10 of


this rule, if any.








































































































































(3) The reporting person mentioned in column (3) of the Table under sub-rule (2) (other than the person at Sl.No.9) shall, while aggregating the amounts for determining the threshold amount for reporting in respect of any person as specified in column (2) of the said Table,-

(a)   take into account all the accounts of the same nature as specified in column (2) of the said Table maintained in respect of that person during the financial year;

(b)   aggregate all the transactions of the same nature as specified in column (2) of the said Table recorded in respect of that person during the financial year;


(c)  attribute the entire value of the transaction or the aggregated value of all the transactions to all the persons, in a case where the account is maintained or transaction is recorded in the name of more than one person;


(d)     apply the threshold limit separately to deposits and withdrawals in respect of transaction specified in item (c) under column (2), against Sl. No. 1 of the said Table.

(4)(a) The return in Form No. 61A referred to in sub-rule (1) shall be furnished to the Director of Income-tax (Intelligence and Criminal Investigation) or the Joint Director of Income-tax (Intelligence and Criminal Investigation) through online transmission of electronic data to a server designated for this purpose under the digital signature of the person specified in sub-rule(7) and in accordance with the data structure specified in this regard by the Principal Director General of Income-tax (Systems):

Provided that in case of a reporting person, being a Post Master General or a Registrar or an Inspector General referred to in sub-rule (2), the said return in Form 61A may be furnished in a computer readable media, being a Compact Disc or Digital Video Disc (DVD), alongwith the verification in Form-V on paper.

Explanation.—For the purposes of this sub-rule, “digital signature” means a digital signature issued by any Certifying Authority authorised to issue such certificates by the Controller of Certifying Authorities.

(b) 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.

(c) The Board may designate an officer as Information Statement Administrator, not below the rank of a Joint Director of Income-tax for the purposes of day to day administration in relation to the furnishing of returns or statements.



(5) The statement of financial transactions referred to in sub-rule (1) shall be furnished on or before the 31st May, immediately following the financial year in which the transaction is registered or recorded.


(6) (a) Every reporting person mentioned in column (3) of the Table under sub-rule (2) shall communicate to the Principal Director General of Income-tax (Systems) the name, designation, address and telephone number of the Designated Director and the Principal Officer and obtain a registration number.

(b) It shall be the duty of every person specified in column (3) of the Table under sub-rule (2), its Designated Director, Principal Officer and employees to observe the procedure and the manner of maintaining information as specified by its regulator and ensure compliance with the obligations imposed under section 285BA of the Act and rules 114B to 114D and this rule.

Explanation 1.- "Designated Director" means a person designated by the reporting person to ensure overall compliance with the obligations imposed under section 285BA of the Act and the rules 114B to 114D and this rule and includes—

(i)     the Managing Director or a whole-time Director, as defined in the Companies Act, 2013 (18 of 2013), duly authorised by the Board of Directors if the reporting person is a company;

(ii)   the managing partner if the reporting person is a partnership firm;

(iii)   the proprietor if the reporting person is a proprietorship concern;

(iv)   the managing trustee if the reporting person is a trust;

(v)   a person or individual, as the case may be, who controls and manages the affairs of the reporting entity if the reporting person is, an unincorporated association or, a body of individuals or, any other person.

Explanation 2.- “Principal Officer” means an officer designated by the reporting person referred to in the Table in sub-rule (2).

Explanation 3.- “Regulator” means a person or an authority or a Government which is vested with the power to license, authorise, register, regulate or supervise the activity of the reporting person referred to in the Table in sub-rule (2).

(7) The statement of financial transaction referred to in sub-rule (1) shall be signed, verified and furnished by the Designated Director specified in sub-rule (6):

Provided that where the reporting person is a non-resident, the statement may be signed, verified and furnished by a person who holds a valid power of attorney from such Designated Director”.

3. In the said rules, in Appendix-II, for “Forms 60, 61 and 61A” the following “Forms 60, 61 and 61A” shall respectively be substituted, namely:-

0 comments:

Post a comment