RULE 114E
(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.
REPORTABLE
TRANSACTIONS [RULE 114E(2)]
(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:—
TABLE
Sl. No.
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Nature and value of transaction
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Class of person (reporting person)
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(1)
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(2)
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(3)
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1.
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(a) Payment made in cash for
purchase of bank drafts or pay orders or banker's cheque of an amount
aggregating to ten lakh rupees or more in a financial year.
(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.
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A banking company or a co-operative bank to which the Banking
Regulation Act, 1949 (10 of 1949) applies (including any bank or banking
institution referred to in section 51 of that Act).
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2.
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Cash deposits aggregating to ten lakh rupees or more in a financial
year, in one or more accounts (other than a current account and time deposit)
of a person.
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(i) A banking company or a
co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949)
applies (including any bank or banking institution referred to in section 51
of that Act);
(ii) Post Master General10 as referred to in clause (j) of section 2 of the Indian Post Office
Act, 1898 (6 of 1898).
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3.
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One or more time deposits (other than a time deposit made through
renewal of another time deposit) of a person aggregating to ten lakh rupees
or more in a financial year of a person.
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(i) A banking company or a
co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949)
applies (including 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);
(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.
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4.
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Payments made by any person of an amount aggregating to—
(i) one lakh rupees or more in
cash; or
(ii) ten lakh rupees or more
by any other mode, against bills raised in respect of one or more credit
cards issued to that person, in a financial year.
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A banking company or a co-operative bank to which the Banking
Regulation Act, 1949 (10 of 1949) applies (including any bank or banking
institution referred to in section 51 of that Act) or any other company or
institution issuing credit card.
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5.
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Receipt
from any person of an amount aggregating to ten lakh rupees or more in 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).
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A company
or institution issuing bonds or debentures.
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6.
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Receipt
from any person of an amount aggregating to ten lakh rupees or more in a
financial year for acquiring shares (including share application money)
issued by the company.
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A company
issuing shares.
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7.
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Buy back
of shares from any person (other than the shares bought in the open market)
for an amount or value aggregating to ten lakh rupees or more in a financial
year.
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A company
listed on a recognised stock exchange purchasing its own securities under
section 68 of the Companies Act, 2013 (18 of 2013).
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8.
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Receipt from any person of an amount aggregating to ten lakh rupees
or more in a financial year for acquiring units of one or more schemes of a
Mutual Fund (other than the amount received on account of transfer from one
scheme to another scheme of that Mutual Fund).
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A trustee of a Mutual Fund or such other person managing the affairs
of the Mutual Fund as may be duly authorised by the trustee in this behalf.
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9.
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Receipt from any person for sale of foreign currency including any
credit of such currency to foreign exchange card 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.
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Authorised person as referred to in clause (c) of section 2 of the Foreign Exchange Management Act, 1999 (42 of
1999).
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10.
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Purchase
or sale by any person of immovable property for an amount of thirty lakh
rupees or more or valued by the stamp valuation authority referred to in
section 50C of the Act at thirty lakh rupees or more.
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Inspector-General
appointed under section 3 of the Registration Act, 1908 or Registrar or
Sub-Registrar appointed under section 6 of that Act.
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11.
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Receipt of
cash payment exceeding two lakh rupees for sale, by any person, of goods or
services of any nature (other than those specified at Sl. Nos. 1 to 10 of
this rule, if any.)
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Any person
who is liable for audit under section 44AB of the Act.
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12.
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Cash deposits during the period 09th November, 2016
to 30th December, 2016 aggregating to—
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13.
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Cash deposits during the period 1st of April, 2016 to
9th November, 2016 in respect of accounts that are reportable
under Sl.No.12.
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AGGREGATION RULE IS
APPLICABLE FOR ALL THE TRANSACTIONS SUBJECT TO EXCEPTION FOR CLAUSE 10 AND CLAUSE
11 [RULE 114E(3)]
The
reporting person mentioned in column (3) of the Table
under sub-rule (2) (other than the persons at Sl.No.10 and Sl.No.11) 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)
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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;
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(b)
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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;
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(c)
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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;
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(d)
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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.
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TIME LIMIT [RULE 114E(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:
[Provided the statement of financial transaction in
respect of the transactions listed at serial number (12) [and serial number (13)] in
the Table under sub-rule (2), shall be furnished on or before the 31st day
of January, 2017.]
PENALTY FOR FAILURE TO FURNISH ANNUAL
INFORMATION RETURN [SEC 271FA]
If a person who is required to furnish an annual information return
under sub-section (1) of section 285BA, fails to furnish such return within the
time prescribed under sub-section (2) thereof, the income-tax authority
prescribed under said sub-section (1) may direct that such person shall pay, by
way of penalty, a sum of one hundred
rupees for every day during which such failure continues:
Provided that where such person fails to furnish the return within
the period specified in the notice issued under sub-section (5) of section
285BA, he shall pay, by way of penalty, a sum of five hundred rupees for every day during which the failure
continues, beginning from the day immediately following the day on which the
time specified in such notice for furnishing the return expires.".
PENALTY FOR FURNISHING INACCURATE STATEMENT
OF FINANCIAL TRANSACTION OR REPORTABLE ACCOUNT [SEC 271FAA]
If a person referred to in clause (k) of sub-section (1) of section
285BA, who is required to furnish a statement under that section, provides
inaccurate information in the statement, and where—
(a)
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the inaccuracy is due to a failure to comply with the due diligence
requirement prescribed under sub-section (7) of section 285BA or is
deliberate on the part of that person; or
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(b)
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the person knows of the inaccuracy at the time of furnishing the
statement of financial transaction or reportable account, but does not inform
the prescribed income-tax authority or such other authority or agency; or
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(c)
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the person discovers the inaccuracy after the statement of financial
transaction or reportable account is furnished and fails to inform and furnish
correct information within the time specified under sub-section (6) of
section 285BA,
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then, the prescribed
income-tax authority may direct that such person shall pay, by way of penalty, a sum of fifty thousand rupees.
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