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of <h1>Financial Institutions Must Report Account Details Annually Under Rule 114G, Using Form 61B by May 31st.</h1> Rule 114G of the Income Tax Rules, 1962, mandates reporting financial institutions to maintain and report specific information for each reportable account. This includes details such as the account holder's name, address, taxpayer identification number, date and place of birth, and account balance. For entities, information on controlling persons is required. Financial institutions must report income, interest, and proceeds from financial assets, and comply with due diligence procedures. Reporting is done annually using Form No. 61B by May 31st. Institutions must designate a Director and Principal Officer for compliance and ensure secure data transmission.
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