Income–tax (7th Amendment) Rule, 2016 - Amends rule 114E regarding Information Return or Statement of Financial Transactions - 19/2016 - Income Tax

GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE [CENTRAL BOARD OF DIRECT TAXES] Notification No.19/2016 New Delhi, the 18 th March, 2016 S.O.1155 (E) - In exercise of the powers conferred by section 285BA , read with section 295 of the Income-tax 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. This rule may be called the Income tax ( 7 th Amendment ) Rule, 2016 and shall be deemed to have come into force from the 1st day of April, 2015. 2. In the Income-tax Rules, 1962 (hereinafter referred to as the Rules), in rule 114E ,- (i) in the marginal heading, after the words Information Return , the words or Statement of Financial Transactions shall be inserted; (ii) in sub-rule (1), for the words annual information return , the words annual information return or statement of financial transactions, as the case may be, shall be substituted; (iii) in sub-rule (4),- (I) in clause (a),- (A) for the word return , wherever it occurs, the words return or statement shall be substituted; (B) in both the provisos, for the words and figure Annual Information Return-Administrator , wherever they occur, the words and figure Annual Information Return or Statement of Financial Transaction- Administrator shall be substituted; (II) in clause (b),- (A) in the long line, for the word return , the words return or the statement shall be substituted; (B) in clause (ii), for the word return , the words return or the statement shall be substituted; (iv) in sub-rule (7), for the words Annual Information Return , the words Annual Information Return or Statement of Financial Transaction shall be substituted; (v) in this rule, except sub-rules (1), (4) and (7), for the word return , wherever it occurs, the words return or statement shall be substituted. 3. In the Appendix II to the Rules , in Form No.61A ,- (a) for the words Annual Information Return , wherever they occur, the words Annual Information Return or Statement of Financial Transactions shall be substituted; (b) for the word return , wherever it occurs, the words return or statement shall be substituted. 4. Rule 114E of the Rules , as amended by this rule shall be applicable for the specified financial transactions carried out during the period from 1st April, 2015 to 31st March, 2016. [F.No.142/28/2012-(SO)TPL] (Ekta Jain) Deputy Secretary to Government of India Note:- The principal rules were published vide notification S.O. 969 (E), dated the 26 th March, 1962 and last amended vide notification S.O.1146 (E), dated the 17th March 2016.