Rule 114BA - Transactions for the purposes of clause (vii) of sub-section (1) of section 139A - Income-tax Rules, 1962

1 [114BA. Transactions for the purposes of clause (vii) of sub-section (1) of section 139A . The following shall be the transactions for the purposes of clause (vii) of sub-section (1) of section 139A, namely:- (a) cash deposit or deposits aggregating to twenty lakh rupees or more in a financial year, in one or more account of a person with 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 a Post Office; (b) cash withdrawal or withdrawals aggregating to twenty lakh rupees or more in a financial year, in one or more account of a person with 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 a Post Office; (c) opening of a current account or cash credit account by a person with 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 a Post Office. ] 2 [ Provided that the provisions of this rule shall not apply in a case, (a) where the person, making the deposit or withdrawal of an amount otherwise than by way of cash as per clause (a) or (b), or opening a current account not being a cash credit account as per clause (c) of this rule, is a non-resident (not being a company) or a foreign company; (b) the transaction is entered into with an IFSC banking unit; and (c) such non-resident (not being a company) or the foreign company does not have any income chargeable to tax in India. Explanation . For the purposes of this rule, IFSC banking unit shall have the same meaning as assigned to it in clause (1) of the Explanation to rule 114B. ] ************** NOTES:- 1. Inserted vide NOTIFICATION NO. 53/2022 dated 10-05-2022 w.e.f. after the expiry of fifteen days from the date of 10-05-2022 2. Inserted vide NOTIFICATION NO. 88/2023 dated 10-10-2023