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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income-tax Rule 114H Amendment: Deadline Extended to Dec 31, 2016, for High-Value Accounts Due Diligence by Financial Institutions.</h1> The amendment to Rule 114H of the Income-tax Rules, 1962, announced by the Central Board of Direct Taxes, extends the deadline for financial institutions to complete due diligence on certain high-value reportable accounts. The timeline for reviewing pre-existing individual accounts, classified as high-value as of December 31, 2015, is extended to December 31, 2016. Similarly, the deadline for pre-existing entity accounts is also extended to December 31, 2016. However, for U.S. reportable accounts classified as low-value as of June 30, 2014, the deadline remains June 30, 2016.
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