MANU/CBDT/0057/2016

Ministry : Ministry of Finance

Department/Board : CBDT

Notification No. : 48/2016

Date : 20.06.2016

Income-Tax (15th Amendment) Rules, 2016

S.O.2151(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 Government with respect to registration of persons, due diligence and maintenance of information, and the Central Board of Direct Taxes for matters relating to statement of reportable accounts, hereby make the following rules further to amend the Income-tax Rules, 1962, namely:-

1.       (1) These rules may be called the Income-tax (15th Amendment) Rules, 2016.

(2) Save as otherwise provided in these rules, they shall come into force on the date of their publication in the Official Gazette.

2. In the Income-tax Rules 1962 (hereafter referred to as the said rules) in rule 114F, in clause (6), in the Explanation, in clause (D),-

(a) in sub-clause (ii), for the word, brackets and figure "clause (3)", the words, brackets and figure "clause (3), which is not located in any of the jurisdictions specified by the Central Board of Direct Taxes in this behalf" shall be substituted;

(b) for sub-clause (iii), the following sub-clause shall be substituted, namely:-

"(iii) not a withholding foreign partnership or a withholding foreign trust;",

3. In the said rules, in rule 114H,-

(a) in sub-rule (3),-

(I) in clause (b), in sub-clause (i), for item (D), the following item shall be substituted, namely:-

"(D) in case of U.S. reportable account, any standing instructions to transfer funds to an account maintained in a country or territory outside India and in case of other reportable account, any........