Rule 114E

Financial transaction statement that needs to be furnished under subsection (1) of section 285BA of the Act shall be furnished with respect to a financial year in Form No.61A and it shall be verified in the manner that has been indicated herein.

The statement referred to in sub-rule(1) will be furnished by every individual mentioned in column (3) of the Table below with respect to all the transactions of the nature and value that has been specified in the corresponding entry in column (2) of the said Table in accordance with the provisions of sub-rule (3), which are registered or recorded by him on or after April 1, 2016, namely.

All mentioned transactions are under Rule 114E

Sl.no. Value and Nature of transaction Reporting Person
1.
  • Cash payment made for the purchase of pay orders or bank drafts or banker’s cheque of an amount that aggregates to Rs.10 lakh or more in one financial year.
  • Cash payments that aggregate to Rs.10 lakh or more during a financial year, for the purchase of prepaid instruments that has been issued by the Reserve Bank of India under section 18 of the Payment and Settlement Systems Act of 2007 (51 of 2007)
Co-operative bank or banking company to which the Banking Regulation Act, 1949 (10 of 1949) is applicable (including any bank or banking institution referred to in section 51 of that Act).
2. Cash deposits that aggregate to over Rs.10 lakh in one financial year, and in one or more accounts (other than a current account and time deposit) of a person.
  • A co-operative bank or 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);
  • Postmaster 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.
  • 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);
  • Postmaster General as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898 (6 of 1898);
  • Nidhi referred to in section 406 of the Companies Act, 2013 (18 of 2013);
  • Non-banking financial company which holds a certificate of registration under section 45-IA of the Reserve Bank of India Act, 1934 (6 of 1934), to hold or accept deposit from public.
4. Payments made by any person of an amount that aggregates -
  • Rs.1 lakh rupees or higher than that in cash, or
  • Rs.10 lakh by other modes against bills raised through one or more credit cards provided to that person, in one financial year.
A co-operative bank or banking company 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.
5. Receipt from any person of an amount aggregating to ten lakh rupees or more in a financial year for acquiring bonds or debentures issued by the company or institution (other than the amount received on account of renewal of the bond or debenture issued by that company). A company or institution issuing bonds or debentures.
6. Receipt from any person of an amount aggregating to ten lakh rupees or more in a financial year for acquiring shares (including share application money) issued by the company. A company issuing shares.
7. Buy back of shares from any person (other than the shares bought in the open market) for an amount or value aggregating to ten lakh rupees or more in a financial year. A company listed on a recognised stock exchange purchasing its own securities under section 68 of the Companies Act, 2013 (18 of 2013).
8. Receipt from any person of an amount aggregating to ten lakh rupees or more in a financial year for acquiring units of one or more schemes of a Mutual Fund (other than the amount received on account of transfer from one scheme to another scheme of that Mutual Fund). A trustee of a Mutual Fund or such other person managing the affairs of the Mutual Fund as may be duly authorised by the trustee in this behalf.
9. Receipt from any person for sale of foreign currency including any credit of such currency 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 11 as referred to in clause (c) of section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999).
10. Sale or purchase of immovable property by an individual for an amount of Rs.30 lakh 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 that exceeds Rs.2 lakh for sale, by an individual, of services or goods of any nature (other than those specified at Sl. Nos. 1 to 10 of this rule, if any.) Any person who is liable for audit under section 44AB of the Act.
12. Cash deposits during the period November 9, 2016 to December 30, 2016 that aggregates to -
  • Rs.12,50,000 or more, in one or over one current account of an individual, or
  • Rs.2,50,000 or more, in one or over one account of an individual, other than a current account.
  • A co-operative or banking company to which Banking Regulation Act, 1949 (10 of 1949) is applicable (including any bank or banking institution referred to in section 51 of that Act).
  • Postmaster General as referred to in the clause (j) of section 2 of the Indian Post Office Act of 1898 (6 of 1898).

Other transactions comes under Rule 114E

  1. The reporting person who is mentioned in column (3) of the Table under sub-rule (2) [(other than the persons at Number 10 and Number11)] will have to, while aggregating the amounts for determining the conditional amount for reporting with respect to any person as specified in column (2) of the above Table -
    1. Take into consideration all accounts of the same nature that has been specified in column (2) of the given Table, that is maintained in respect of that individual during a financial year.
    2. Aggregate all transactions of similar nature as specified in column (2) of the given Table that has been recorded in respect to that individual during the financial year.
    3. Attribute the aggregated value or the entire value of the transaction to all individuals, in a case wherein the account is maintained or transaction is recorded in the name of over one individual.
    4. Apply the limit of threshold separately to withdrawals and deposits in respect of transaction specified in item © under column (2), against Number 1 of the above Table.
  2. The return in Form No. 61A referred to in sub-rule(1) will have to be furnished to the Joint Director of Income Tax (Intelligence and Criminal Investigation) or Director of Income tax (Intelligence and Criminal Investigation) through online electronic data transmission to a server that would be designated for this sole purpose under the digital signature of the individual specified in sub-rule (70

Other Income Tax Rules

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