Reportable account Archives

Reportable account to Income tax Dept by Financial Institutions

By CA Satbir Singh | December 24, 2015

What are the definitions for the purpose of reportable account under Rule 114G and H of Income Tax rules ? Definitions are specified in Rule 114F inserted by the Income-tax (Eleventh Amendment) Rules, 2015, w.e.f. 7-8-2015. How to identify reportable account ? As per Rule 114H inserted by the Income-tax (Eleventh Amendment) Rules, 2015, w.e.f. 7-8-2015. An account shall… Read More »

Financial transaction or reportable account (AIR) under Income Tax

By CA Satbir Singh | September 20, 2015

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Financial transaction or Reportable account Under Income tax Act 1961 [previously called as ‘Annual Information Return (AIR) ] What is statement of financial transaction or reportable account (previously called as ‘Annual Information Return (AIR)’? As per section 285BA of the Income-tax Act, 1961 (as substituted by Finance Act, 2014 w.e.f. 01-04-2015), specified entities (Filers) are… Read More »