RULE 160 INCOME-TAX RULES 2026
Time and manner in which persons referred to in rule 159 shall furnish a statement containing particulars of Form No. 97.
160. (1) Every person referred to in sub-rule (2), who has received any declaration in Form No. 97 in relation to a transaction specified in column 2 of the Table in rule 159, shall—
| (a) | furnish a statement in a Form No. 98 containing particulars of declaration to the Director of Income-tax (Intelligence and Criminal Investigation) or the Joint Director of Income-tax (Intelligence and Criminal Investigation) through online transmission of electronic data to a server designated for this purpose and obtain an acknowledgement number; and | |
| (b) | retain Form No. 97 for a period of six years from the end of the financial year in which the transaction was undertaken. |
(2) The persons referred to in sub-rule (1) shall be—
| (a) | Sl. No. 11 or 12 or 13 or 14; and | |
| (b) | Sl. No. 15 or 16 and who is required to get his accounts audited under section 58, |
of the column 4 of the Table in rule 159.
(3) The statement referred to in sub-rule (1)(i) shall,—
| (a) | where the declarations are received by the 30th September, be furnished by the 31st October of that year; and | |
| (b) | where the declarations are received by the 31st March, be furnished by the 30th April of the financial year immediately following the financial year in which the form is received. |
(4) The statement referred to in sub-rule (1)(i) shall be verified—
| (a) | in a case where the person furnishing the statement is an assessee as defined in section 2(11), by a person specified in section 265; | |
| (b) | in any other case, by the person referred to in column (4) of the Table in rule 159. |