Department of Income tax, Government of India revised the rules called the Income-tax (22nd Amendment) Rules, 2015 vide notification no. 95 of 2015 dated 31.12.2015 where in Income-tax Rule 114E is amended. With this amendment, the Annual Information Report shall be called now Statement of Financial Transaction or reportable account. With this amendment, which shall be effective from 01st April 2016, changes have been made for filing of an annual information return by specified persons in respect of specified financial transactions. Now prescribed reporting financial institutions shall furnish the statement in respect of a specified financial transaction or reportable accounts in respect of a financial year in Form No 61A to the prescribed income-tax authority.
The reporting person shall, while aggregating the amounts for determining the threshold amount for reporting shall aggregate all the accounts and transactions of the same nature and report to the concerned authority at a period specified in the given time. The following transactions shall be recorded in a financial year by the authority given therewith
- Bank/FI’s,, Post Master or Nidhi
- Aggregating Payment of Rs. 10,00,000.00 or more, if made in cash for purchase of Bank Draft/Pay orders or Banker’s Cheque.
- Aggregate Cash deposit or cash withdrawals (including through bearer’s cheque) of Rs. 50,00,000.00 or more (in current account, CC account or time deposit account), or Cash Deposit aggregating to Rs. 10,00,000.00 or more (other than current account and time deposit account) in or from one or more account of a person.
- Aggregate payment of Rs. 10,00,000.00 or more for purchase of Bond issued by RBI.
- Any Credit Card issuing Bank/company/institute.
- Aggregate payment made, by any person in lieu of bill raised by the credit card issuing authority, of Rs. 1,00,000.00 in case of cash and Rs. 10,00,000.00 in case of any other mode.
- Company or Institution issuing Shares, Debentures or Bond.
- Aggregate receipt from any person for Rs. 10,00,000.00 or more in a financial year for issuing Shares, Debentures or Bond.
- Trustee of mutual fund or a person authorised by trustee
- Aggregate receipt from any person for Rs. 10,00,000.00 or more in a financial year for acquiring units of one or more schemes of a Mutual Fund.
- Registrar or Sub-Registrar or Inspector General appointed
- Purchase or sale of immovable property for an amount of Rs. 30,00,000.00 or more or the value valued by the stamp valuation authority.
- Any person who is liable for audit under section 44AB of the Act.
- Receipt of cash payment exceeding two lakh rupees for sale, by any person, of goods or services of any nature other than those specified above.
The return shall be furnished on or before the 31st May immediately following the financial year by above specified person shall be filed online with their digital signature except Post Master General or a Registrar or Inspector General.