TMI BlogProcedure for registration and submission of Statement of Reportable Account as per section 285BA of Income-tax Act, 1961 read with Rule 114G of Income-tax Rules, 1962X X X X Extracts X X X X X X X X Extracts X X X X ..... requires prescribed reporting financial institution to furnish Statement of Reportable Account. Rule 114G of the Income Tax Rules, 1962 (hereunder referred to as the Rules ) specifies that the Statement of Reportable Account required to be furnished under clause (k) of sub section (1) of section 285BA shall be furnished by a reporting financial institution in respect of each account which has been identified, pursuant to due diligence procedure specified in rule 114H , as a reportable account in Form No. 61B. 2. As per sub rule (10)(a) of Rule 114G , every reporting financial institution shall communicate to the Principal Director General of Income-tax (Systems) the name, designation, address and communication details of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome Tax (Systems). The detailed list of modification / changes in schema / data structure of the Form No.61B is attached as Annexure A . 6. In exercise of the powers 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 following procedure: a) Already registered reporting financial institution on e-filing portal: The registration details of already registered reporting financial institution have been migrated from e-filing portal to reporting portal. The registered users of such reporting financial institution shall be communicated of their new login credentials through registe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orting portal (https://report.insight.gov.in) at his/her registered e-mail address. Only, the Designated Director of the reporting financial institution can digitally sign and upload the Statement of Reportable Account and the corresponding correction statements, if any, through his/her own login credentials at the Reporting Portal or through Generic Submission Utility. d) Submission of Form No.61B : Every reporting financial institution is required to submit the Statement of Reportable Account in Form No.61B . The prescribed schema, Report Generation and Validation Utility for Form No.61B and Generic Submission Utility can be downloaded from the Reporting Portal under Resources tab. The prepared Statement to be filed is required ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shall be similar to submission of correction statement. g) Security, archival and retrieval policies: The reporting financial institution is required to document and implement appropriate information security policies and procedures with clearly defined roles and responsibilities to ensure security of submitted information and related information/documents. The reporting person/entity is also required to document and implement appropriate archival and retrieval policies and procedures with clearly defined roles and responsibilities to ensure that submitted information and related information/documents are available promptly to the competent authorities. 7. In view of the changes mentioned above, the procedure prescribed in Notifica ..... X X X X Extracts X X X X X X X X Extracts X X X X
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