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
September, 09th 2015
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, 2015
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:
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
furn ished 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 10 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 10 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.
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(Nishi Singh) '-t /=l9t.o1
ProDGIT (Systems), CBDT
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 reg ions! 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
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.
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(K K Srivastava)
ADG(Systems)-2 CBDT (ilc)
21 Pa g e