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Information to be maintained and reported

Rule 114G - Rule - MISCELLANEOUS - Income-tax Rules, 1962 - Rule 114G - 114G. .- (1) The following information shall be maintained and reported by a reporting financial institution in respect of each reportable account, namely:- (a) the name, address, taxpayer identification number (assigned to the account holder by the country or territory of his residence for tax purposes) and date and place of birth (in the case of an individual) of each reportable person, that is an account holder of the acc .....

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o such controlling person by the country or territory of his residence; (c) the account number (or functional equivalent in the absence of an account number); (d) the account balance or value (including, in the case of a cash value insurance contract or annuity contract, the cash value or surrender value) at the end of relevant calendar year or, if the account was closed during such year, immediately before closure; (e) in the case of any custodial account,- (i) the total gross amount of interes .....

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agent for the account holder; (f) in the case of any depository account, the total gross amount of interest paid or credited to the account during the relevant calendar year; (g) in the case of any account other than that referred to in clauses (e) or (f), the total gross amount paid or credited to the account holder with respect to the account during the relevant calendar year with respect to which the reporting financial institution is the obligor or debtor, including the aggregate amount of a .....

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. reportable accounts; (ii) with respect to calendar year 2015, is the information referred to in clauses (a), (b), (c), (d), (f), (g), (h) and sub-clause (i) of clause (e), with regard to U.S. reportable accounts; (iii) with respect to calendar year 2016, is the information referred to in clauses (a) to (h), with regard to all reportable accounts; (iv) with respect to calendar year 2017 and subsequent years, is the information referred to in clauses (a) to (g), with regard to all reportable acc .....

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inancial institution that maintains the account: Provided that a person, other than a financial institution, holding a financial account for the benefit or on account of another person as agent, custodian, nominee, signatory, investment advisor, or intermediary, is not treated as holding the account, and such other person is treated as holding the account: Provided further that in the case of a cash value insurance contract or an annuity contract, the account holder is any person entitled to rec .....

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tax purposes and includes a functional equivalent in case no such number is assigned. (3) Where the person is a resident of more than one country or territory outside India under the tax laws of such country or territory, the reporting financial institution shall maintain the taxpayer identification number in respect of each such country or territory. (4) Notwithstanding anything contained in sub-rule (1), with respect to each reportable account which is a pre-existing account, the taxpayer ide .....

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d sub-rule (4), the taxpayer identification number is not required to be reported if,- (i) a taxpayer identification number (including its functional equivalent) is not issued by the relevant country or territory outside India in which the person is resident for tax purposes or; (ii) the domestic law of the relevant country or territory outside India does not require the collection of the taxpayer identification number issued by such country or territory. (6) Notwithstanding anything contained i .....

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that where pursuant to such due diligence procedures no account is identified as a reportable account, a nil statement shall be furnished by the reporting financial institution. (8) The statement referred to in sub-rule (7) shall be furnished in Form No. 61B for every calendar year by the 31st day of May following that year: Provided that the statement pertaining to calendar year 2014 shall be furnished by the 31st day of August, 2015. (9) (a) The statement referred to in sub-rule (7) shall be f .....

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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. (10) (a) Every reporting financial institution shall communicate to the Principal Director General of Income-tax (Systems) the name, .....

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of attorney from such Designated Director; (c) It shall be the duty of every reporting financial institution, its Designated Director, Principal Officer and employees to observe the procedure and the manner of maintaining information as specified by its regulator. Explanation.- For the purposes of this sub-rule,- (a) "Designated Director" means a person designated by the reporting financial institution to ensure overall compliance with the obligations imposed under section 285BA and t .....

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