Procedure for registration and submission of report as per clause k of sub section 1 of section 285BA of income tax act 1961 read with sub rule 7 of rule 114G of income tax rules 1962
Notification 4/2015 was published on 4 September 2015. Its subject is Procedure for registration and submission of report as per clause k of sub section 1 of section 285BA of income tax act 1961 read with sub rule 7 of rule 114G of income tax rules 1962.
This amends the Income-tax Rules. What it changes is the Rules, not the Act — and a rule can never take away what the section gives.
A notification of the Principal Director General of Income-tax (Systems) laying down the procedure, data structure and standards for registration and submission of the report under clause (k) of sub-section (1) of section 285BA of the Income-tax Act, 1961 read with sub-rule (7) of rule 114G of the Income-tax Rules, 1962, in exercise of the power delegated by sub-rules (9)(a) and (9)(b) of rule 114G. A reporting financial institution must register with the Income-tax Department by logging into the e-filing website with the login used for filing its own return, through a link under 'My Account', and may register under different reporting financial institution categories, with an option to deregister. After registration, the designated director logs in with the login used for filing his own return and, under the 'e-File' menu, uses the option 'Submit 61B/nil statement', giving the reporting financial institution's PAN, the calendar year and the reporting entity category, and uploads Form 61B under his Digital Signature Certificate, the prescribed schema being available on the e-filing website. Where a nil statement is to be filed, the designated director submits a declaration in respect of pre-existing accounts as defined in rule 114H(2)(h) and new accounts as defined in rule 114H(2)(d), also under a Digital Signature Certificate. The procedures prescribed by Notification 3 dated 25 August 2015 stand withdrawn forthwith, while registrations and nil statements already completed under those procedures remain valid.
| Under the 1961 Act | Now |
|---|---|
| s.285BA | s.508 |
F. No. DGIT(S)/DIT(S)-21ITWG on Financial Sector Reporting/12/2015
Government of India
Ministry of Finance
Central Board of Direct Taxes
Directorate of Income Tax (Systems)
Notification No 4/2015
New Delhi, 4th September, 2015Procedure for registration and submission of report as per clause (k) of sub section (1) of section 285BA of Income-tax Act, 1961 read with Sub rule (7) of Rule 114G of Income-tax Rules, 1962:
As per Sub rule (9)(a) of Rule 114G of the Income Tax Rules, 1962 (hereunder referred as the Rules), the statement referred to in sub-rule (7) of Rule 114G shall be furnished through online transmission of electronic data to a server designated for this purpose under the digital signature in accordance with the data structure specified in this regard by the Principal Director General of Income-tax (Systems). Further as per sub rule (9)(b) of Rule 114G 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.
2. In exercise of the powers delegated by Central Board of Direct Taxes ('Board') under Sub rule (9)(a) and 9(b) of Rule 114G of the Income tax Rules 1962, the Principal Director General of Income-tax (Systems) hereby lays down the procedures, data structure and standards for ensuring secure capture and transmission of data, evolving and implementing appropriate security, archival and retrieval policies as under:
a) Registration of the reporting financial institution: The reporting financial institution is required to get registered with the Income Tax Department by logging in to the e-filing website with the log in ID used for the purpose of filing the Income Tax Return of the reporting financial institution. A link to register reporting financial institution has been provided under "My Account". The reporting financial institution is required to submit registration details on the screen. A reporting financial institution may submit different registration information under different reporting financial institution categories. Once registered, the reporting entity will have an option to deregister.
b) Submission of Form 61 B: Once the reporting financial institution gets registered successfully, it is required to submit the Form 61 B or Nil statement. The designated director is then required to login to the e-filing website with the log in ID used for the purpose of filing his/her own Income Tax Return. The prescribed schema for the report under form 61 B can be downloaded from the e-filing website. Under "e-File" menu, an option "Submit 61 B/nil statement" will be available to the designated director. The designated director will be required to submit the PAN of the reporting financial institution, calendar year for which report is to be submitted and the reporting entity category for which the report is to be submitted. The designated director will then be provided the options to upload the Form 61 B/Nil statement. If the designated director chooses the option "Form 61 B" then form shall be submitted using a Digital Signature Certificate of the designated director.
c) Submission of Nil statement: In case nil statement is to be submitted, the option to submit Nil statement is required to be selected. The designated director will then be required to submit a declaration with respect to pre-existing accounts (As defined in Rule 114H(2)(h) of Income Tax Rules, 1962) and new accounts (As defined in Rule 114H(2)(d) of Income Tax Rules, 1962). The declaration is required to be submitted using a Digital Signature Certificate.
3. In view of the changes mentioned above, the procedures prescribed in Notification 3 dated 25th August, 2015 stands withdrawn forthwith. The registration and submission of Nil statement already completed under the procedures prescribed in Notification 3 dated 25th August, 2015 shall continue to be valid.
(Nishi Singh)
Pro DGIT (Systems), CBDTCopy to:-
1. PPS to the Chairman and Members, CBDT, North Block, New Delhi.
2. All Chief Commissioners/ Director General of Income Tax - with a request to circulate amongst all officers in their regions/charges.
3. JS (TPL)-1 &II/ Media coordination and Official spokesperson of CBDT
4. DIT (IT)/ DIT (Audit)/ DIT (Vig.)/ ADG (System) 1, 2, 3, 4, 5/ DIT (CPC) Bangalore, DIT (CPC-TDS) Ghaziabad.
5. ADG (PR, PP&OL) with a request for advertisement campaign for the Notification.
6. TPL and ITA Divisions of CBDT.
7. The Institute of Chartered Accountants of Indian, IP Estate, New Delhi.
8. Web Manager, "incometaxindia.gov.in" for hosting on the website.
9. Database cell for uploading on www.irsofficersonline.gov.in and in DGIT (S) Corner.
10. ITBA publisher for uploading on ITBA portal.(K K Srivastava)
ADG(Systems)-2 CBDT
Forms it touches. Form No. 61B
In a financial institution's annual filing of the statement of reportable accounts in Form 61B, and in the registration and nil-statement steps on the e-filing portal.
Rules it names. Rule 114G, 114H of the Income-tax Rules, 1962. The 1962 Rules were replaced by the Income-tax Rules, 2026, which renumbered nearly everything: a rule number quoted here almost never means the same rule today.
Source: the Income Tax Department’s own published text — its page for this instrument.