Part DCA - Safe Harbour Rules for income referred to in clause (i) of sub-section (1) of section 9 chargeable to tax under the head (From Rule 10TI to Rule 10TIC)
Financial account definition clarifies scope and exclusions, triggering due diligence and reporting obligations for reporting financial institutions. Rule 114F defines the principal terms that govern reporting and due-diligence obligations: financial account (depository, custodial, equity/debt interests, cash value insurance/annuity contracts), financial institution categories (custodial, depository, investment entity, specified insurance company), and financial asset. It sets out categories of excluded accounts and non-reporting financial institutions with precise operational and regulatory conditions, and explains classification tests for reportable accounts, reportable persons, passive income, controlling persons, and sponsored or local-client-base entities, including treatment of specified electronic money products and relevant crypto-assets.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Financial account definition clarifies scope and exclusions, triggering due diligence and reporting obligations for reporting financial institutions.
Rule 114F defines the principal terms that govern reporting and due-diligence obligations: financial account (depository, custodial, equity/debt interests, cash value insurance/annuity contracts), financial institution categories (custodial, depository, investment entity, specified insurance company), and financial asset. It sets out categories of excluded accounts and non-reporting financial institutions with precise operational and regulatory conditions, and explains classification tests for reportable accounts, reportable persons, passive income, controlling persons, and sponsored or local-client-base entities, including treatment of specified electronic money products and relevant crypto-assets.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
AI OCR ✕
of 
TaxTMI 
TaxTMI 
