Income–tax (15th Amendment) Rules, 2016 - Amendments in Due diligence requirement

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....e rules may be called the Income-tax (15th Amendment) Rules, 2016.      (2) Save as otherwise provided in these rules, they shall come into force on the date of their publication in the Official Gazette. 2. In the Income-tax Rules 1962 (hereafter referred to as the said rules) in rule 114F, in clause (6), in the Explanation, in clause (D),- (a) in sub-clause (ii), for the word, brackets and figure "clause (3)", the words, brackets and figure "clause (3), which is not located in any of the jurisdictions specified by the Central Board of Direct Taxes in this behalf" shall be substituted; (b) for sub-clause (iii), the following sub-clause shall be substituted, namely:- "(iii) not a withholding foreign partnership or....

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.... balance or value that exceeds an amount equivalent to two hundred and fifty thousand U.S. dollars as on the 30th June, 2014 (in case of a U.S. reportable account) shall be completed by the 30th June, 2016 and review of pre-existing entity accounts with an aggregate account balance or value that exceeds an amount equivalent to two hundred and fifty thousand U.S. dollars as on the, 31st December, 2015 (in case of other reportable account) shall be completed by the 31st December, 2016;". 4. In the said rules, in Appendix-II, with effect from 1st January, 2017, for Form 61B, the following form shall be substituted, namely:- [F.No.142/6/2016-TPL] (Dr. T.S. Mapwal) Under Secretary to the Government of India Note:- The principal rules were p....

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....se shall be substituted, namely:- "(iii) not a withholding foreign partnership or a withholding foreign trust;", 3. In the said rules, in rule 114H,- (a) in sub-rule (3),- (I) in clause (b), in sub-clause (i), for item (D), the following item shall be substituted, namely:- "(D) in case of U.S. reportable account, any standing instructions to transfer funds to an account maintained in a country or territory outside India and in case of other reportable account, any standing instructions (other than with respect to a depository account) to transfer funds to an account maintained in a country or territory outside India; or"; (II) in clause (c), in sub-clause (ii), for item (E), the following item shall be substituted, namely:- "(E)....

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....-rule (8) of rule 114G] Statement of Reportable Account under sub-section (1) section 285BA of the Income-tax Act, 1961 (see instructions for guidance) PART A: STATEMENT DETAILS (This information should be provided for each Statement of Reports submitted together) REPORTING ENTITY DETAILS A.1 A.1.1 Reporting Entity Name A.1.2 ITDREIN A.1.3 Global Intermediary Identification Number (GIIN) A.1.4 Registration Number A.1.5 Reporting Entity Category Insert 2 character code A.2 STATEMENT DETAILS A.2.1 Statement Type Insert 2 character code A.2.2 Statement Number A.2.3 Original Statement Id A.2.4 Reason for Correction Insert 1 character code A.2.5 Statement Date A.2.6 Reporting Period A.2.7 Report Type Insert 1....

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....UNT SUMMARY Account balance or value at the end of reporting period Aggregate gross interest paid or credited Aggregate gross dividend paid or credited Gross proceeds from sale of property Aggregate gross amount of all other income paid or credited B.3.6 Aggregate gross amount credited B.4 B.4.1 B.4.2 B.3.7 Aggregate gross amount debited INDIVIDUAL DETAILS (To be provided for individual account holder) Name Customer ID B.4.3 Father's Name B.4.4 Spouse's Name B.4.5 Gender Insert 1 character code (Refer Instructions) B.4.6 PAN B.4.7 Aadhaar Number B.4.8 Identification Type Insert 1 character code B.4.9 Identification Number B.4.10 Occupation Type Insert 1 character code B.4.11 Occupation B.4.12 Birth Da....

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....dress B.5.19 City/Town B.5.20 Postal Code B.5.21 State Code Insert 2 character code B.5.22 Country Code Insert 2 character code B.5.23 Mobile/Telephone Number B.5.24 Other Contact Number B.5.25 Remarks B.6 CONTROLLING PERSON DETAILS (To be provided for each controlling person of the entity) B.6.1 Controlling Person Type Insert 3 character code B.6.2 Name B.6.3 Customer ID B.6.4 Father's Name B.6.5 Spouse's Name B.6.6 Gender Insert 1 character code B.6.7 PAN B.6.8 Aadhaar Number B.6.9 Identification Type Insert 1 character code B.6.10 Identification Number B.6.11 Occupation Type Insert 1 character code B.6.12 Occupation B.6.13 Birth Date B.6.14 Nationality Insert 2 character code B.6.15 Co....