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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Rule 114H Details Due Diligence Guidelines for Identifying and Reporting Financial Accounts Under Income Tax Rules 1962</h1> Rule 114H of the Income Tax Rules, 1962 outlines the due diligence requirements for identifying and reporting reportable accounts. It mandates financial institutions to classify accounts as reportable based on specific criteria and thresholds for different account types, including pre-existing and new accounts, both individual and entity. The rule defines terms such as 'high value account,' 'lower value account,' and 'reportable account,' and provides detailed procedures for reviewing these accounts, including electronic and paper record searches. It also specifies timelines for completing reviews and reporting requirements, including special provisions for U.S. reportable accounts under the FATCA agreement.
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