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)
Due diligence for reportable accounts requires self-certification, record review, aggregation rules, and ongoing tax reporting obligations. Reporting financial institutions must apply prescribed due diligence procedures to identify reportable accounts, determine account status, and maintain annual reporting obligations for U.S. reportable accounts and other reportable accounts. For pre-existing individual and entity accounts, the rule requires electronic review, paper record search, self-certification, documentary evidence, aggregation of account balances, and change-in-circumstances checks to identify reportable persons, passive non-financial entities, controlling persons, and non-participating financial institutions. It also provides transitional procedures for certain new accounts and limits information exchange in relation to relevant crypto-assets to tax administration purposes.
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.
Due diligence for reportable accounts requires self-certification, record review, aggregation rules, and ongoing tax reporting obligations.
Reporting financial institutions must apply prescribed due diligence procedures to identify reportable accounts, determine account status, and maintain annual reporting obligations for U.S. reportable accounts and other reportable accounts. For pre-existing individual and entity accounts, the rule requires electronic review, paper record search, self-certification, documentary evidence, aggregation of account balances, and change-in-circumstances checks to identify reportable persons, passive non-financial entities, controlling persons, and non-participating financial institutions. It also provides transitional procedures for certain new accounts and limits information exchange in relation to relevant crypto-assets to tax administration purposes.
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