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:—
(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