Taxman asked details of Cash Deposit Exceeding Rs 2.5 Lakh in Bank A/c -Notification 15.11.2016

By | November 16, 2016
(Last Updated On: November 16, 2016)

MINISTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, the 15th November, 2016

G.S.R. 1068(E).—In exercise of the powers conferred by section 285BA, read with section 295 of the Incometax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-

1. (1) These rules may be called the Income–tax (30thAmendment) Rules, 2016.

(2) They shall come into force from the date of their publication in the Official Gazette.

2. In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 114B, in the Table, for serial number 10 and entries relating thereto the following serial number and entries shall be substituted, namely:-

n1

3. In the said rules, in rule 114E, —

(i) in sub-rule (2), in the Table, after serial number11 and entries relating thereto the following serial number and entries shall be inserted, namely:-

n2

(ii) in sub-rule (5), the following proviso shall be inserted, namely:-

“Provided the statement of financial transaction in respect of the transactions listed at serial number (12) in the Table under sub-rule (2), shall be furnished on or before the 31st day of January, 2017.”.

[Notification No. 104/2016/F. No. 370142/32/2016-TPL]

Dr. T.S. MAPWAL, Under Secy.

Note:- The principal rules were published vide notification S.O. 969 (E), dated the 26th March, 1962 and last amended vide notification S.O. 3399(E), dated 07th November, 2016.

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