Authorisation for financial records access: allows tax authority to obtain account information for notified jurisdiction transactions. Insertion of rule 21AC requires an authorisation in Form No.10FC for payments to financial institutions in notified jurisdictional areas, with the first copy deposited with the financial institution and a second copy plus evidence submitted to the Assessing Officer; the authorisation must be made legally enforceable and includes an irrevocable waiver of data protection and banking secrecy. For transactions with specified persons in notified areas the assessee must maintain ownership structure, multinational group profile, business description and other relevant documents up to the return filing date and retain them for eight years.
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.
Authorisation for financial records access: allows tax authority to obtain account information for notified jurisdiction transactions.
Insertion of rule 21AC requires an authorisation in Form No.10FC for payments to financial institutions in notified jurisdictional areas, with the first copy deposited with the financial institution and a second copy plus evidence submitted to the Assessing Officer; the authorisation must be made legally enforceable and includes an irrevocable waiver of data protection and banking secrecy. For transactions with specified persons in notified areas the assessee must maintain ownership structure, multinational group profile, business description and other relevant documents up to the return filing date and retain them for eight years.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
