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Procedure for registration and submission of report as per clause (k) of sub section (1) of section 285BA of Income-tax Act 1961 read with Sub rule (7) of Rule 114G of Income-tax Rules 1962

Income Tax - 04/2015 - Dated:- 4-9-2015 - F. No. DGIT(S)/DIT(S)-2/ITWG on Financial Sector Reporting/12/2015 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No 4/2015 New Delhi, 4th September, 2015 As per Sub rule (9)(a) of Rule 114G of the Income Tax Rules, 1962 (hereunder referred as the Rules), the statement referred to in sub-rule (7) of Rule 114G shall be furnished through online transmission of electronic data to a serv .....

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delegated by Central Board of Direct Taxes ('Board') under Sub rule (9)(a) and 9(b) of Rule 114G of the Income tax Rules 1962, the Principal Director General of Income-tax (Systems) hereby lays down the procedures, data structure and standards for ensuring secure capture and transmission of data, evolving and implementing appropriate security, archival and retrieval policies as under: a) Registration of the reporting financial institution: The reporting financial institution is required .....

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nancial institution categories. Once registered, the reporting entity will have an option to deregister. b) Submission of Form 61B: Once the reporting financial institution gets registered successfully, it is required to submit the Form 61 B or Nil statement. The designated director is then required to login to the e-filing website with the log in ID used for the purpose of filing his/her own Income Tax Return. The prescribed schema for the report under form 61B can be downloaded from the e-fili .....

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