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TMI BlogFurnishing of statement of financial transaction.X X X X Extracts X X X X X X X X Extracts X X X X ..... uments issued by Reserve Bank of India under section 18 of the Payment and Settlement Systems Act, 2007 (51 of 2007). (c) Cash deposits or cash withdrawals (including through bearer's cheque) aggregating to fifty lakh rupees or more in a financial year, in or from one or more current account of a person. A banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act). 2. Cash deposits aggregating to ten lakh rupees or more in a financial year, in one or more accounts (other than a current account and time deposit) of a person. (i) A banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act); (ii) Post Master General as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898 (6 of 1898). 3. One or more time deposits (other than a time deposit made through renewal of another time deposit) of a person aggregating to ten lakh rupees or more in a financial year of a person. (i) A banking company or a co-operative ban ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncy to foreign exchange card or expense in such currency through a debit or credit card or through issue of travellers cheque or draft or any other instrument of an amount aggregating to ten lakh rupees or more during a financial year. Authorised person as referred to in clause (c) of section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999). 10. Purchase or sale by any person of immovable property for an amount of thirty lakh rupees or more or valued by the stamp valuation authority referred to in section 50C of the Act at thirty lakh rupees or more. Inspector-General appointed under section 3 of the Registration Act, 1908 or Registrar or Sub-Registrar appointed under section 6 of that Act. 11. Receipt of cash payment exceeding two lakh rupees for sale, by any person, of goods or services of any nature (other than those specified at Sl. No. 1 to 10 of this rule, if any. Any person who is liable for audit under section 44AB of the Act. 5[12. Cash deposits during the period 09th November, 2016 to 30th December, 2016 aggregating to - (i) twelve lakh fifty thousand rupees or more, in one or more current account of a person; or (ii) two lakh fifty thousand rupee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of a reporting person, being a Post Master General or a Registrar or an Inspector General referred to in sub-rule (2), the said return in Form 61A may be furnished in a computer readable media, being a Compact Disc or Digital Video Disc (DVD), alongwith the verification in Form-V on paper. Explanation.-For the purposes of this sub-rule, "digital signature" means a digital signature issued by any Certifying Authority authorised to issue such certificates by the Controller of Certifying Authorities. (b) 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. (c) The Board may designate an officer as Information Statement Administrator, not below the rank of a Joint Director of Income-tax for the purposes of day to day administration in relation to the furnishing of returns or statements. (5) The statement of financial transactions referred to in sub-rule (1) shall be furnished on or before the 31st May, immediately following the financial year in which the transaction is registered or recorde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Exchanges and Clearing Corporations) Regulations, 2012 made under the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and the Securities and Exchange Board of India Act, 1992 (15 of 1992); (d) "recognised stock exchange" shall have the same meaning as assigned to it in clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956); (e) "securities" shall have the same meaning as assigned to it in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956);] (6) (a) Every reporting person mentioned in column (3) of the Table under sub-rule (2) 11[and column (3) of the Table under sub-rule (5A)] shall communicate to the Principal Director General of Income-tax (Systems) the name, designation, address and telephone number of the Designated Director and the Principal Officer and obtain a registration number. (b) It shall be the duty of every person specified in column (3) of the Table under sub-rule (2) 12[and column (3) of the Table under sub-rule (5A)], its Designated Director, Principal Officer and employees to observe the procedure and the manner of maintaining information as specified by its regulator and ensure ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... No. 61A and shall be verified in the manner indicated therein. (2) The 7[return or statement ] referred to in sub-rule (1) shall be furnished by every person mentioned in column (2) of the Table below in respect of all transactions of the nature and value specified in the corresponding entry in column (3) of the said Table, which are registered or recorded by him during a financial year beginning on or after the 1st day of April, 2004: Table Sl. No. Class of person Nature and value of transaction (1) (2) (3) 1 A Banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution refer- red to in section 51 of that Act). Cash deposits aggregating to ten lakh rupees or more in a year in any savings account of a person maintained in that bank. 2. A banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act) or any other company or institution issuing credit card. Payments made by any person against bills raised in respect of a credit card issued to that person, aggregating to two lakh rupees or more in the year. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ial Transaction- Administrator ] referred to in sub-rule (7) in this regard; (b) The person responsible for furnishing the 5[ return or the statement ] shall ensure that (i) if the data relating to the return or statement is copied using data compression or backup software utility, the corresponding software utility or procedure for its decompression or restoration shall also be furnished along with the computer media return or statement; (ii) the 5[ return or the statement ] is accompanied with a certificate regarding clean and virus free data. Explanation. For the purposes of this sub-rule, digital signature means a digital signature issued by any Certifying Authority authorised to issue such certificates by the Controller of Certifying Authorities. (5) The 7[return or statement ] referred to in sub-rule (1) shall be furnished on or before 31st August, immediately following the financial year in which the transaction is registered or recorded. (6) The 7[return or statement ] referred to in sub-rule (1) shall be signed and verified by- (a) in a case where the person furnishing the 7[return or statement ] is an assessee as defined in clause (7) of section 2 of the Act, by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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