Case law › Notifications › 2016 › Notification No. 104/2016 [F.No.370142/32/2016 -TPL] / SO 1068(E)

Notification 15 November 2016

Notification No. 104/2016 [F.No.370142/32/2016 -TPL] / SO 1068(E)

[To BE Published in the Gazette of INDIA, Extraordinary, Part II, section 3, Sub-section (i)]

What this is

Notification No. 104/2016 [F.No.370142/32/2016 -TPL] / SO 1068(E) was published on 15 November 2016. Its subject is [To BE Published in the Gazette of INDIA, Extraordinary, Part II, section 3, Sub-section (i)].

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.

What it does

Made under section 285BA read with section 295 of the Income-tax Act, 1961, the Income-tax (30th Amendment) Rules, 2016 substitute serial number 10 and its entries in the Table to rule 114B and add to the reporting obligation in rule 114E. As substituted, serial number 10 of the rule 114B Table covers a deposit with a banking company or a co-operative bank to which the Banking Regulation Act, 1949 applies, including a bank or banking institution referred to in section 51 of that Act, or with a Post Office, where the cash deposits exceed fifty thousand rupees during any one day or aggregate to more than two lakh fifty thousand rupees during the period 9 November 2016 to 30 December 2016. In the Table to sub-rule (2) of rule 114E a new serial number 12 is inserted after serial number 11, requiring a banking company, such a co-operative bank, or the Post Master General referred to in clause (j) of section 2 of the Indian Post Office Act, 1898, to report cash deposits during 9 November 2016 to 30 December 2016 aggregating to twelve lakh fifty thousand rupees or more in one or more current accounts of a person, or two lakh fifty thousand rupees or more in one or more accounts other than a current account. A proviso is inserted in sub-rule (5) requiring the statement of financial transaction for serial number 12 to be furnished on or before 31 January 2017.

Who it reaches

persons making cash deposits in the demonetisation window of 9 November to 30 December 2016
banking companies, co-operative banks and Post Offices taking such deposits
the Post Master General as the reporting person for postal accounts
assessing officers and the Systems Directorate working the statements of financial transaction

The provisions it speaks to

Left, the provision of the Income-tax Act, 1961 as the instrument itself names it. Right, the section of the Income-tax Act, 2025 that the department’s own concordance maps it to — which is where the same ground is now covered.

Under the 1961 Act	Now
s.2	s.2, s.346, s.355
s.3	s.3
s.51	s.81
s.285BA	s.508
s.295	s.533

The instrument, as the Board published it

The department publishes this one only as a PDF, so the words below were read out of that PDF by machine. That reading can carry its own mistakes — a misread number, a broken line. Check the signed document before you rely on a figure in it.

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF DIRECT TAXES

NOTIFICATION

New Delhi, the 15th November, 2016

G.S.R 1068(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 Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-

1. (1) These rules may be called the Income–tax (30th Amendment) Rules, 2016.

(2) They shall come into force from the date of their publication in the Official Gazette.

2. In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 114B, in the Table, for serial number 10 and entries relating thereto the following serial number and entries shall be substituted, namely:-

3. In the said rules, in rule 114E, ̶

(i) in sub-rule (2), in the Table, after serial number 11 and entries relating thereto the following serial number and entries shall be inserted, namely:-

| Sl. No. | Nature of transaction | Value of transaction |
|---------|----------------------|----------------------|
| (1) | (2) | (3) |
| "10. Deposit with,- (i) a banking company or a cooperative 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); (ii) Post Office. | Cash deposits,- (i) exceeding fifty thousand rupees during any one day; or (ii) aggregating to more than two lakh fifty thousand rupees during the period 09th November, 2016 to 30th December, 2016.". |

| Sl. No. | Nature and value of transaction | Class of person (reporting person) |
|---------|----------------------------------|--------------------------------------|
| (1) | (2) | (3) |
| "12. Cash deposits during the period 09th November, 2016 to 30th December, 2016 aggregating to ̶ (i) twelve lakh fifty thousand rupees or more, in one or more current account of a person; or (ii) two lakh fifty thousand rupees or more, in one or more accounts (other than a current account) of a person. | (i) 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); (ii) Post Master General as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898 (6 of 1898)."; |

(ii) in sub-rule (5), the following proviso shall be inserted, namely:-

"Provided the statement of financial transaction in respect of the transactions listed at serial number (12) in the Table under sub-rule (2), shall be furnished on or before the 31st day of January, 2017."

[Notification No. 104/2016][F.No.370142/32/2016-TPL]

(Dr. T.S. Mapwal)
Under Secretary to the Government of India

Note:- The principal rules were published vide notification S.O. 969 (E), dated the 26th March, 1962 and last amended vide notification S.O.3399(E), dated 07th November, 2016.

What it changes

The rule numbers are the 1962 Rules’ own, as the notification names them. The right-hand column is the department’s own mapping into the Income-tax Rules, 2026, which renumbered nearly everything.

Rule of the 1962 Rules	Now, in the 2026 Rules
Rule 114B	rule 159
Rule 114E	rule 237

From when

The date of publication in the Official Gazette (the notification is dated 15 November 2016).

What to watch

The rules come into force from the date of their publication in the Official Gazette, but the deposits they reach are those in the window 9 November 2016 to 30 December 2016.
There are two different thresholds under rule 114E serial number 12: twelve lakh fifty thousand rupees for current accounts and two lakh fifty thousand rupees for other accounts, both aggregated across a person's accounts.
The statement for serial number 12 had to be filed by 31 January 2017, by the proviso newly inserted in rule 114E(5), and not by the ordinary due date.
Rule 114B is about quoting the permanent account number at the time of the transaction, while rule 114E is about reporting after it; both are amended here and the two obligations are distinct.
The scan places the rule 114B substitution below the heading for the rule 114E amendment; the serial numbers themselves — 10 for rule 114B and 12 for rule 114E — show which entry belongs where.

Where you meet it

At the bank or post office counter when a cash deposit in that window was accepted, in the statement of financial transaction filed in Form No. 61A, and in any enquiry or notice founded on reported cash deposits of that period.

An example

Ours, not the Board’s: a worked case built from the rule the instrument sets, to show how it falls out.

A person deposits cash of three lakh rupees into his savings account in several instalments between 9 November and 30 December 2016. No single day's deposit exceeds fifty thousand rupees, but the aggregate crosses two lakh fifty thousand rupees, so the permanent account number had to be quoted under the substituted serial number 10 of rule 114B, and the bank had to report the deposits under serial number 12 of rule 114E by 31 January 2017.

What it names

Rules it names. Rule 114B, 114E 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.

On the same provision

Other instruments in this library that name the same provision of the 1961 Act. They are not necessarily still operative, and a later one may have replaced an earlier one without saying so.

Notification No. 89/2026-CBDT [F. No. 164/1/2026-ITA-1] / SO 3936(E) — Ministry of Finance 17 July 2026
Notification No. 75/2026 [F. No. 275/18/2026-IT(B)] / SO 3610(E) : TDS Exemption on Ship Lease Payments to IFSC Units — 4 the Gazette of INDIA : Extraordinary [Part Ii—sec. 3(ii)] 3 July 2026
Notification No. 74/2026 [F. No. 275/16/2026-IT(B)] / SO 3609(E) : TDS Exemption on Aircraft Lease Payments to IFSC Units — 4 the Gazette of INDIA : Extraordinary [Part Ii—sec. 3(ii)] 3 July 2026
Notification No. 65/2025 [F. No. 300196/4/2019-ITA-I] / S.O. 2739(E) — Ministry of Finance 19 June 2025
Notification No. 56 /2025 [F.No.300164/4/2024-ITA-1] / SO 2576(E) — 2 the Gazette of INDIA : Extraordinary [Part Ii—sec. 3(ii)] 12 June 2025
Notification No. 52/2025 [F. No. 300164/5/2024-ITA-1] / SO 2447(E) — Ministry of Finance 30 May 2025

← Notification No.105/2016 [F.No.142/8/2014-TPL]/ GSR 1073(E) · Notification No. 103/2016 [F.No.370142/29/2016 -TPL] / SO 3399(E) →

What a notification is. A notification is made under a power the Act itself gives, and within that power it is law — unlike a circular, which only binds the department. Its reach is the reach of the enabling provision and no wider, and the date it carries decides from when it works.

Source: the Income Tax Department’s own published text — its page for this instrument.