Executive Summary:
This notification amends the Income-tax Rules, 1962, regarding reporting requirements for cash deposits. It modifies rule 114B concerning transaction values and introduces a new reporting requirement in rule 114E for cash deposits made between November 9, 2016, and December 30, 2016. The statement of financial transaction in respect of the transactions listed at serial number 12 in the Table under subrule 2, shall be furnished on or before the 31st day of January, 2017.
Key Points / Main Content:
Amendments to Income-tax Rules, 1962:
* These rules may be called the Income-tax 30th Amendment Rules, 2016.
* Effective from the date of publication in the Official Gazette.
Amendment to Rule 114B:
* Modifies the transaction value reporting requirement for cash deposits with banks or cooperative banks and post offices.
* Requires reporting of:
* Deposits exceeding fifty thousand rupees during any one day.
* Aggregate deposits exceeding two lakh fifty thousand rupees during the period November 9, 2016, to December 30, 2016.
Insertion in Rule 114E:
* Introduces a new reporting requirement for cash deposits made between November 9, 2016, and December 30, 2016.
* Specifies the class of person required to report and the nature/value of the transaction:
* Banking companies/cooperative banks: Report cash deposits aggregating to twelve lakh fifty thousand rupees or more in one or more current accounts of a person.
* Post Master General: Report cash deposits aggregating to two lakh fifty thousand rupees or more in one or more accounts other than a current account of a person.
* Statement of financial transaction in respect of the transactions listed at serial number 12 in the Table under subrule 2, shall be furnished on or before the 31st day of January, 2017.
Impact Analysis:
Banking Companies/Cooperative Banks:
* Impact: Required to report specific cash deposit transactions.
* Action Required: Implement systems to track and report cash deposits aggregating to twelve lakh fifty thousand rupees or more in one or more current accounts of a person during the specified period.
Post Master General:
* Impact: Required to report specific cash deposit transactions.
* Action Required: Implement systems to track and report cash deposits aggregating to two lakh fifty thousand rupees or more in one or more accounts other than a current account of a person during the specified period.
Central Board of Direct Taxes:
* Impact: Responsible for ensuring compliance with the amended rules.
* Action Required: Oversee the implementation of the new reporting requirements and ensure timely submission of financial transaction statements.
Individuals/Entities making Cash Deposits:
* Impact: Increased scrutiny of cash deposit transactions.
* Action Required: Be aware of the reporting thresholds and ensure compliance with income tax regulations.
Key Entities Referenced
Income tax Act, 1961: A law of India, specifically mentioned in the context of powers conferred by section 285BA and section 295.
Central Board of Direct Taxes: An organization that makes rules to amend the Incometax Rules, 1962.
Incometax Rules, 1962: A set of rules that are being amended by this notification.
Banking Regulation Act, 1949: An act applicable to banking companies and cooperative banks, referenced in the context of cash deposit transactions.
Indian Post Office Act, 1898: An act related to post offices, mentioned in the context of reporting cash deposit transactions.
09th November, 2016: Starting date for calculation of aggregating deposits.
30th December, 2016: Ending date for calculation of aggregating deposits.
Dr. T.S. MAPWAL: Under Secretary, as indicated by the signature at the end of the notification.
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EXTRAORDINARY
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PART II—Section 3—Sub-section (i)
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PUBLISHED BY AUTHORITY
la- 792] ubZ fnYyh] eaxyokj] uoEcj 15] 2016@dkfrZd 24] 1938
No. 792] NEW DELHI, TUESDAY, NOVEMBER 15, 2016/KARTIKA 24, 1938
िव(cid:7275) मं(cid:7074)ालय
(राज(cid:7021)व िवभाग)
(के(cid:7008)(cid:7076)ीय (cid:7079)(cid:7004)य(cid:6979) कर बोड(cid:6981))
अिधसचू ना
नई (cid:7408)द(cid:7016)ली, 15 नव(cid:7013)बर, 2016
सा.का.िन. 1068(अ).--क(cid:7286)(cid:7076)ीय (cid:7079)(cid:7004)य(cid:6979) कर बोड(cid:6981), आय-कर अिधिनयम, 1961 (1961 का 43) क(cid:7409) धारा 295
के साथ प(cid:7407)ठत धारा 285खक (cid:7367)ारा (cid:7079)द(cid:7275) शि(cid:7334)य(cid:7298) का (cid:7079)योग करत े (cid:7263)ए, आय-कर िनयम, 1962 का और संशोधन
करन े के िलए िन(cid:7388)िलिखत िनयम बनाता ह,ै अथा(cid:6981)त ् :--
1. (1) इन िनयम(cid:7298) का संि(cid:6979)(cid:7385) नाम आय-कर (तीसवा ँ संशोधन) िनयम, 2016 ह ै ।
(2) ये उनके राजप(cid:7074) म(cid:7286) (cid:7079)काशन क(cid:7409) तारीख स े (cid:7079)भावी ह(cid:7298)गे ।
2. आय-कर िनयम, 1962 (िजसे इसम(cid:7286) इसके प(cid:7019) चात् उ(cid:6989) त िनयम कहा गया ह)ै के िनयम 114ख म(cid:7286), सारणी
म(cid:7286), (cid:7059)म सं. 10 और उससे सबं ंिधत (cid:7079)िवि(cid:7020) टय(cid:7298) के (cid:7021) थान पर िन(cid:7013) निलिखत (cid:7059)म सं(cid:6990) या और (cid:7079)िवि(cid:7020) टयां रखी जाएगं ी,
अथा(cid:6981)त् :--
(cid:7059)म स(cid:7018)ं य वहार क(cid:7409) (cid:7079)कृित स(cid:7018)ं य वहार का म(cid:7016)ू य
स.ं
(1) (2) (3)
“10. िन(cid:7013) निलिखत के पास जमा,-- नकद जमा,--
(i) कोई ब(cid:7289)ककारी कंपनी या सहकारी ब(cid:7289)क, (i) (cid:7408)कसी एक (cid:7408)दन के दौरान पचास हजार (cid:7271)पए स े
िजसको ब(cid:7289)ककारी िविनयमन अिधिनयम, 1949 अिधक ; या
(1949 का 10) लागू होता ह ै (िजसके अंतग(cid:6981)त
(ii) 9 नव(cid:7013)बर, 2016 स े 30 (cid:7408)दस(cid:7013)बर, 2016 क(cid:7409)
5294 GI/2016 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
उस अिधिनयम क(cid:7409) धारा 51 म(cid:7286) िन(cid:7416)द(cid:7020) ट कोई कालाविध के दौरान कुल िमलाकर दो लाख पचास
ब(cid:7289)क या ब(cid:7289)ककारी सं(cid:7021) था सि(cid:7013)म िलत ह)ै ; हजार (cid:7271)पए ; या”
(ii) डाकघर
3. उ(cid:6989) त िनयम(cid:7298) म,(cid:7286) िनयम 114ङ म,(cid:7286) --
(i) उपिनयम (2) म(cid:7286) सारणी म(cid:7286) (cid:7059)म सं. 11 और उसस े सबं ंिधत (cid:7079)िवि(cid:7020) टय(cid:7298) के प(cid:7019)च ात ् िन(cid:7013)न िलिखत (cid:7059)म स(cid:6990)ं य ा
और (cid:7079)िवि(cid:7020) टयां अंत:(cid:7021) थािपत क(cid:7409) जाएगं ी, अथा(cid:6981)त् :--
(cid:7059)म स(cid:7018)ं य वहार क(cid:7409) (cid:7079)कृित और म(cid:7016)ू य (cid:7018)य ि(cid:6989)त का वग (cid:6981) ((cid:7407)रपोट(cid:6981) करन े वाला (cid:7018)य ि(cid:6989)त )
स.ं
(1) (2) (3)
“12. 9 नव(cid:7013)बर, 2016 से 30 (cid:7408)दस(cid:7013)बर, 2016 क(cid:7409) (i) कोई ब(cid:7289)ककारी कंपनी या सहकारी ब(cid:7289)क, िजसको
कालाविध के दौरान नकद जमा— ब(cid:7289)ककारी िविनयमन अिधिनयम, 1949 (1949 का 10)
लागू होता ह ै (िजसके अंतगत(cid:6981) उस अिधिनयम क(cid:7409) धारा 51
(i) (cid:7408)कसी (cid:7018) यि(cid:6989) त के एक या अिधक चालू खाते
म(cid:7286) िन(cid:7416)द(cid:7020) ट कोई ब(cid:7289)क या ब(cid:7289)ककारी सं(cid:7021) था सि(cid:7013) मिलत ह)ै ;
म(cid:7286) बारह लाख पचास हजार (cid:7271)पए या अिधक ;
या (ii) भारतीय डाकघर अिधिनयम, 1898 (1898 का 6) क(cid:7409)
धारा 2 के खंड (ञ) म(cid:7286) यथािन(cid:7416)द(cid:7020) ट महा डाकपाल ।” ;
(ii) (cid:7408)कसी (cid:7018) यि(cid:6989) त के (चाल ू खाते स े िभ(cid:7008) न) एक
या अिधक खात(cid:7298) म(cid:7286) दो लाख पचास हजार (cid:7271)पए
से अिधक ।
(ii) उपिनयम (5) म(cid:7286) िन(cid:7013) निलिखत परंतुक अतं :(cid:7021) थािपत (cid:7408)कया जाएगा, अथा(cid:6981)त् :--
“परंतु उपिनयम (2) के अधीन सारणी म(cid:7286) (cid:7059)म सं. 12 म(cid:7286) सूचीब(cid:7373) सं(cid:7018) यवहार(cid:7298) के संबंध म(cid:7286) िव(cid:7004) तीय
सं(cid:7018) यवहार क(cid:7409) िववरणी 31 जनवरी, 2017 को या उसस े पूव(cid:6981) (cid:7079)(cid:7021) तुत क(cid:7409) जाएगी ।”
[अिधसूचना स.ं 104/2016/फा. सं. 370142/32/2016-टीपीएल]
डॉ. टी.एस. मपवाल, अवर सिचव
(cid:7407)ट(cid:7009) पण : मूल िनयम, अिधसूचना स.ं का.आ. 969(अ), तारीख 26 माच(cid:6981), 1962 (cid:7367)ारा (cid:7079)कािशत (cid:7408)कए गए थे और
अंितम संशोधन अिधसूचना सं. का.आ. 3399(अ), तारीख 7 नव(cid:7013)बर, 2016 (cid:7367)ारा (cid:7408)कया गया ।
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 (30thAmendment) Rules, 2016.
(2) They shall come into force from the date of their publication in the Official Gazette.¹Hkkx IIµ[k.M 3(i)º Hkkjr dk jkti=k % vlk/kj.k 3
2. In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 114B, in the Table, for serial
number10 and entries relating thereto the following serial number and entries shall be substituted, namely:-
Sl.No. Nature of transaction Value of transaction
(1) (2) (3)
“10. Deposit with,- Cash deposits,-
(i) a banking company or a co-operative bank to (i) exceeding fifty thousand rupees during any one
which the Banking Regulation Act, 1949 (10 of day; or
1949), applies (including any bank or banking (ii) aggregating to more than two lakh fifty thousand
institution referred to in section 51 of that Act); rupees during the period 09th November, 2016 to 30th
(ii) Post Office. December, 2016.”.
3. In the said rules, in rule 114E, —
(i) in sub-rule (2), in the Table, after serial number11 and entries relating thereto the following serial number and entries
shall be inserted, namely:-
Sl.No. Nature and value of transaction Class of person (reporting person)
(1) (2) (3)
“12. Cash deposits during the period 09th (i) A banking company or a co-operative bank to which
November, 2016 to 30th December, 2016 the Banking Regulation Act, 1949 (10 of 1949) applies
aggregating to — (including any bank or banking institution referred to in
(i) twelve lakh fifty thousand rupees or more, section 51 of that Act);
in one or more current account of a person; (ii) Post Master General as referred to in clause (j) of
or section 2 of the Indian Post Office Act, 1898 (6 of
(ii) two lakh fifty thousand rupees or more, 1898).”;
in one or more accounts (other than a current
account) of a person.
(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 Secy.
Note:- The principal rules were published vide notification S.O. 969 (E), dated the 26th March, 1962 and last amended
(cid:118)(cid:100)(cid:105)(cid:101) notification S.O. 3399(E), dated 07th November, 2016.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.