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Income–tax (15th Amendment) Rules, 2016 - Amendments in Due diligence requirement

Income Tax - 48/2016 - Dated:- 20-6-2016 - GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NOTIFICATION NO. 48/2016 New Delhi, the 20th June, 2016 S.O. 2151(E).-In exercise of the powers conferred by sectio .....

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ent of reportable accounts, hereby make the following rules further to amend the Income-tax Rules, 1962, namely:- 1. (1) These rules may be called the Income-tax (15th Amendment) Rules, 2016. (2) Save as otherwise provided in these rules, they shall .....

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brackets and figure clause (3) , the words, brackets and figure clause (3), which is not located in any of the jurisdictions specified by the Central Board of Direct Taxes in this behalf shall be substituted; (b) for sub-clause (iii), the following .....

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shall be substituted, namely:- (D) in case of U.S. reportable account, any standing instructions to transfer funds to an account maintained in a country or territory outside India and in case of other reportable account, any standing instructions (ot .....

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e of U.S. reportable account, any standing instructions to transfer funds currently in effect and in case of other reportable account any standing instructions (other than with respect to a depository account) to transfer funds currently in effect: ; .....

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f other reportable account which is high value account as on the 31st December, 2015, shall be completed by the 31st December, 2016; ; (b) in sub-rule (5), in clause (e), for sub-clause (i), the following sub-clause shall be substituted, namely:- (i) .....

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