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CBDT amends rule 114H of Income-tax Rules, 1962 [Read Notification]

Budget 2016 - CBDT - Taxscan

The rule 114H of the Income-tax Rules, 1962 (the Rules) CBDT has been amended vide Notification No.48/2016 [S.O.2151(E)] dated 20th June 2016.

In order to provide sufficient time to the reporting financial institutions for completing the due diligence procedure in respect of other reportable account referred to in Rule 114H (3)(d)(ii), which is high-value account as, on 31st December 2015, the timeline specified for review of pre-existing individual account has been extended from 30th June 2016 to 31st December 2016. The timeline in case of U.S. reportable account which is low-value account as of the 30th June 2014, shall continue to be 30th June 2016.

Similarly, in respect of other reportable accounts referred to in Rule 114H(5)(e)(i), the timeline specified for review of pre-existing entity account has been extended from 30th June 2016 to 31st December 2016. The timeline in case of a U.S. reportable account shall continue to be 30th June 2016.

Read the full text of the notification here.

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