TaxTMI 
TaxTMI 
Furnishing of statement of financial transaction.
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....person having Permanent Account Number; or (b) Rs. 500000 or more, for a person not having Permanent Account Number. A banking company or a co- operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of the said Act). (b) Payments made in cash or otherwise for purchase of pre-paid instruments issued by Reserve Bank of India under section 18 of the Payment and Settlement Systems Act, 2007 (51 of 2007). Amount aggregating to ten lakh rupees or more during the financial year. (c) Cash deposits or cash withdrawals (including through bearer's cheque) in or from one or more current account of a person. Amount aggregating to fifty lakh rupees or more in a financial year. 2. Cash deposits in one or more accounts (other than a current account and time deposit) of a person. Cash deposits in a financial year in one or more account of a person, aggregating to- (a) ten lakh rupees or more for a person having Permanent Account Number; or (b) Rs. 500000 or more for a person not having Permanent Account Number. (a) A banking company or a co- operative....
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....financial year, for a person. A company issuing shares. 7. Buy back of shares from any person (other than the shares bought in the open market). Amount or value aggregating to ten lakh rupees or more in a financial year. A company listed on a recognised stock exchange purchasing its own securities under section 68 of the Companies Act, 2013 (18 of 2013). 8. Receipt from any person for sale of foreign currency including any credit of such currency to foreign exchange card or expense in such currency, through a debit or credit card or through issue of traveller's cheque or draft or any other instrument. Amount, in a financial year in one or more account of a person, aggregating to, - (a) ten lakh rupees or more for a person having Permanent Account Number; or (b) Rs. 500000 or more for a person not having Permanent Account Number. Authorised person as referred to in section 2(c) of the Foreign Exchange Management Act, 1999 (42 of 1999). 9. Purchase or sale or gift or joint development agreement of an immovable property by any person. (a) Amount of forty-five lakh rupees or more; or (b) stamp duty value referred to in sectio....
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....ligence and Criminal Investigation), through online transmission of electronic data to a server designated for this purpose under the digital signature of the person specified in sub-rule (8) and in accordance with the data structure specified in this regard by the Principal Director General of Income-tax (Systems) and in case of a reporting person, being a Post Master General or a Registrar or an Inspector General referred to in sub-rule (2), the said Form may be furnished in a computer readable media, including a Compact Disc or Digital Video Disc (DVD), along with the verification in Form-V on paper. (b) The Board may designate an officer as Information Statement Administrator, not below the rank of a Joint Director of Income-tax, for the purposes of day to day administration in relation to the furnishing of returns or statements. (5) The statement of financial transactions referred to in sub-rule (1) shall be furnished on or before the 31st May, immediately following the financial year in which the transaction is registered or recorded. (6) For the purposes of pre-filing the return of income, a statement of financial transaction under section 508(1) containing informat....
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....dure and the manner of maintaining information as specified by its regulator and ensure compliance with the obligations imposed under section 508 and rules 159, 160 and 161 and this rule. (8) The statement of financial transaction referred to in sub-rules (1) and (6) shall be signed, verified and furnished by- (a) a person who holds a valid power of attorney from such Designated Director as specified in sub-rule (7), where the reporting person is a non-resident; and (b) the Designated Director in all other cases. (9) For the purposes of this rule,- (a) "Designated Director" means a person designated by the reporting person to ensure overall compliance with the obligations imposed under section 508 and rules 159, 160 and this rule and includes- (i) the Managing Director or a whole-time Director, as defined in the Companies Act, 2013 (18 of 2013), duly authorised by the Board of Directors if the reporting person is a company; or (ii) the managing partner, if the reporting person is a partnership firm; or (iii) the proprietor, if the reporting person is a proprietorship concern; or (iv) the managing trustee, if the r....