Guidance Notes on Implementation of Reporting Requirements under Rules 114F to 114H of the Income -Tax Rules

Automatic exchange of financial account information: RFIs must identify reportable accounts and file Form 61B under Rules 114F-114H.

The Guidance Note implements CRS and FATCA obligations by defining Reporting Financial Institutions, specifying which Financial Accounts are Reportable Accounts, and prescribing tiered due diligence procedures (pre existing vs new; lower value vs high value; entity vs individual) under Rules 114F-114H. RFIs must collect self certifications, identify controlling persons of Passive NFEs using AML records, aggregate account balances where systems permit, and electronically file Form 61B with prescribed data elements and timelines; GIIN registration and statutory penalties for non compliance are required.