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

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..... d by section 285BA read with section 295 of the Income-tax Act, 1961 (43 of 1961) , the Central Government with respect to registration of persons, due diligence and maintenance of information, and the Central Board of Direct Taxes for matters relating to statement of reportable accounts, hereby make the following rules further to amend the Income-tax Rules, 1962 , namely:- 1. (1) These r .....

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..... ule 114H ,- (a) in sub-rule (3),- (I) in clause (b), in sub-clause (i), for item (D), the following item 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 (other than with respect to a deposito .....

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..... ecember, 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) review of pre-existing entity accounts with an aggregate account balance or value that exceeds an amount equivalent to two hundred and fifty thousand U.S. dollars as on the 30th June, 2014 (in case of a U.S. repor .....

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