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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 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 statem .....

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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 sub-clause shall be substituted, namely:- (iii) not a withholding foreign partnership or a withholding foreign trust; , 3. In the said rules, in rule 114H,- (a) in sub-rule (3),- (I) in clause (b), in sub-clause (i), for item (D), the following item .....

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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: ; (III) in clause (d), for sub-clause (ii), the following sub-clause shall be substituted, namely:- (ii) in case of a U.S. reportable account which is low value account as on the 30th June, 2014, shall be completed by the 30th June, 2016 and in case o .....

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