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Who is required to furnish statement of financial transactions and reportable accounts?​

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 preetham asked over 2 years ago

Hi I am one of the CA student. I want to know, Who is required to furnish statement of financial transactions and reportable accounts?​

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5 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 narahari answered over 2 years ago

As per new rule following persons shall be required to furnish statement of financial transactions or reportable accounts registered or recorded or maintained by them during a financial year to the prescribed authority on or after 1st day of April, 2016. Any person who is liable for audit under section 44AB of the Act Banking Company Co-operative Bank Post Master General of Post office Nidhi referred to in sec 406 of the Companies Act 2013 Non-banking Financial Company (NBFC)

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 veeru answered over 2 years ago

As per new rule following persons shall be required to furnish statement of financial transactions or reportable accounts registered or recorded or maintained by them during a financial year to the prescribed authority on or after 1st day of April, 2016. Any person who is liable for audit under section 44AB of the Act Banking Company Co-operative Bank Post Master General of Post office Nidhi referred to in sec 406 of the Companies Act 2013 Non-banking Financial Company (NBFC) Any Institution issuing Credit Card

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 jitendra etikala answered over 2 years ago

Following persons shall be required to furnish statement of financial transactions or reportable accounts registered or recorded or maintained by them during a financial year to the prescribed authority: (a) an assessee; (b) the prescribed person in the case of an office of Government; (c) a local authority or other public body or association; (d) the Registrar or Sub-Registrar appointed under section 6 of the Registration Act, 1908 (16 of 1908); (e) the registering authority empowered to register motor vehicles under Chapter IV of the Motor Vehicles Act, 1988 (59 of 1988); (f) the Post Master General as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898 (6 of 1898); (g) the Collector referred to in clause (g) of section 3 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (30 of 2013)[As amended by Finance Act, 2015] (h) the recognised stock exchange referred to in clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956); (i) an officer of the Reserve Bank of India, constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934); (j) a depository referred to in clause (e) of sub-section (1) of section 2 of the Depositories Act, 1996 (22 of 1996); or (k) a prescribed reporting financial institutions as notify by CBDT from time to time Note: The Board may prescribe different values for different transactions in respect of different persons having regard to the nature of such transactions. However, the aggregate value of such transactions during a financial year shall not be less than Rs. 50,000 * The rules prescribing the nature of transactions and their value for filing of Statement of Financial Transactions and Reportable Accounts are yet to be notified

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Open uri20170510 32134 1uwcnoc?1494421631 Shubhangi Jain answered over 2 years ago

**SECTION 285BA OF THE INCOME-TAX ACT, 1961, READ WITH RULE 114G OF THE INCOME-TAX RULES, 1962 - FURNISH STATEMENT OF FINANCIAL TRANSACTION OR REPORTABLE ACCOUNT - OBLIGATION TO - PROCEDURE FOR REGISTRATION AND SUBMISSION OF REPORT AS PER CLAUSE (K) OF SECTION 285BA(1)** NOTIFICATION NO.3/2015 [F.NO.DGIT(S)/DIT(S)-2/ITWG ON FINANCIAL SECTOR REPORTING/12/2015], DATED 25-8-2015 ------------------------------------------------------------------------ **[WITHDRAWN BY NOTIFICATION NO. 4/2015 [F.NO. DGIT(S)/DIT(S)-2/ITWG ON FINANCIAL SECTOR REPORTING/12/2015], DATED 4-9-2015]** As per sub-rule (9)(a) of Rule 114G of the Income-tax Rules, 1962 (hereunder referred as the Rules), the statement referred to in sub-rule (7) of Rule 114G shall be furnished through online transmission of electronic data to a server designated for this purpose under the digital signature in accordance with the data structure specified in this regard by the Principal Director General of Income-tax (Systems). Further as per sub-rule (9)(b) of Rule 114G Principal Director General of Income-tax (Systems) shall specify the procedures, data structures and standards for ensuring secure capture and transmission of data, evolving and implementing appropriate security, archival and retrieval policies. 2. In exercise of the powers delegated by Central Board of Direct Taxes ('Board') under sub-rule (9)(a) and 9(b) of Rule 114G of the Income tax Rules 1962, the Principal Director General of Income-tax (Systems) lays down the procedures, data structure and standards for ensuring secure capture and transmission of data, evolving and implementing appropriate security, archival and retrieval policies as under: (a) **Registration of the reporting financial institution**: The reporting financial institution is required to get registered with the Income-tax Department by logging into the e-filing website with the log in ID used for the purpose of filing the Income-tax Return of the reporting financial institution. A link to register reporting financial institution has been provided under "My Account". The reporting financial institution is required to submit registration details on the screen. A reporting financial institution may submit different registration information under different reporting financial institution categories. (b) **Submission of Form 61B**: Once the reporting financial institution gets registered successfully, it is required to submit the Form 61B or Nil statement under "e-File" menu. The prescribed schema for the report under form 61B can be downloaded from the e-filing website. The reporting financial institution will be required to submit the calendar year for which report is to be submitted and the reporting entity category for which the report is to be submitted. The reporting financial institution will then be provided the options to upload the Form 61B. The form is required to be submitted using a Digital Signature Certificate. (c) **Submission of Nil statement**: In case nil statement has to be submitted by the reporting financial institution, the option to submit Nil statement is required to be selected. The reporting financial institution will then be required to submit a declaration with respect to pre-existing accounts (As defined in Rule 114H(2)(h) of Income-tax Rules, 1962 and new accounts (As defined in Rule 114H(2)(d) of Income-tax Rules, 1962. The declaration is required to be submitted using a Digital Signature Certificate. (d) **Digital signature certificate**: In case if the designated director (as reported in registration details submitted by the reporting financial institution as per para 2(a) above) is same as the person authorised to verify the return of income of the reporting financial institution as per the provisions of section 140 of the Income-tax Act, 1961, the Form 61B or Nil statement is required to be submitted with the digital signature certificate of the person authorised to sign the return of income of the reporting financial institution. In other cases, the procedure will be notified separately.

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Open uri20170510 32134 s5bvk0?1494421637 ARJUN PRATAP SINGH answered over 2 years ago

Dear Friend, as far as your query is concerned that Who is required to furnish statement of financial transactions and reportable accounts?​ Let me informed that As per new rule following persons shall be required to furnish statement of financial transactions or reportable accounts registered or recorded or maintained by them during a financial year to the prescribed authority on or after 1st day of April, 2016. Any person who is liable for audit under section 44AB of the Act Banking Company Co-operative Bank Post Master General of Post office Nidhi referred to in sec 406 of the Companies Act 2013 Non-banking Financial Company (NBFC) Any Institution issuing Credit Card Company or Institution issuing bonds or debentures Company issuing shares Trustee of a Mutual Fund Authorized Dealer, Money Changer, Off-shore Banking Unit or any other person defined in FEMA, 1999 Inspector-General or Sub-Registrar appointed under Registration Act, 1908 Hope answer was helpful to you Regards, Arjun Pratap Singh

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