CIRCULAR NO.14/2016 [F.NO.370149/68/2016-TPL], DATED 18-5-2016

SECTION 285BA OF THE INCOME-TAX ACT, 1961 – STATEMENT OF FINANCIAL TRANSACTION OR REPORTABLE ACCOUNT, OBLIGATION TO FURNISH – DIGITAL REPORTING OF FORM NO.60

CIRCULAR NO.14/2016 [F.NO.370149/68/2016-TPL]DATED 18-5-2016

1. Vide Notification No.95, dated 30th December, 2015, rules 114B, 114C and 114D of the Income-tax Rules, 1962 ( the Rules) were amended and have come into force from the 1st day of January, 2016.

2. The amended rules inter-alia provide for furnishing of a statement in Form No.61, containing particulars of declaration made in Form No.60, through online transmission of data electronically. The statement in Form No.61 is to be provided by every person referred to in clause (b) to (k) of sub-rule (1) of rule 114C and in sub- rule (2) of Rule 114C, and who is required to get his accounts audited under section 44AB of the Income-tax Act, 1961. Sub-rule (2) of rule 114D mandates that online statement in Form No.61 should be furnished by:

(a) 31st October of that year, where the declarations are received by the 30th September; and
(b) 30th April of the financial year immediately following the financial year in which the form is received, where the declarations are received by the 31st March.

3. It has been brought to the notice of the Central Board of Direct Taxes (the Board) by various stakeholders that hardship is being faced in complying with online submission of statement in Form No.61, containing particulars of declaration made in Form No.60.

4. In view of the above, it is decided that filling of all the fields in Form No.60 shall be considered to be mandatory in respect of transactions entered on or after 1.04.2016. It is also decided that online reporting of declarations in Form No. 61 for quarter ending March, 2016 may be done along with report for quarter ending September, 2016.

5. The above may be brought to the notice of all concerned.

error: Content is protected !!