Patna HC: Disciplinary Authority Cannot Impose Major and Minor Penalties in a Single Order || Calcutta HC: Landlord Decides His Residential Needs; Courts Cannot Set Living Standards in Eviction || Orissa HC: Second Marriage During Subsistence of First Remains Invalid Even After First Wife's Death || Karnataka HC: Appeals Against Acquittal in Bailable Offences Lie Only Before High Court || Supreme Court: Stamp Duty on an Agreement to Sell is Leviable Only if Possession is Transferred || SC: Motive Becomes Irrelevant When Direct Evidence Such as a Dying Declaration is Available || Supreme Court Issues Directions to CoC in Builder Insolvency Cases To Protect Homebuyers’ Interests || MP High Court: Women Retain Reservation Benefits After Marriage if Caste is Recognized in Both States || Allahabad HC: Police Must Prosecute Informants of False Firs, and IOs May Face Contempt if They Fail || MP HP: Over-Age Candidate Cannot Claim Age Relaxation Due to Delay in Earlier Recruitment

Amendment in Rule 114H of Income-tax Rules, 1962- (Ministry of Finance ) (22 Jun 2016)

MANU/PIBU/0499/2016

Direct Taxation

Rule 114H of the Income Tax Rules 1962 has been amended to provide sufficient time to reporting financial institutions for completing due diligence in respect of reportable accounts under the provision.

The timeline specified for review of pre-existing individual and entity accounts has been extended from 30 June 2016 to 31 December 2016. The extension is only for high value accounts.

Relevant : Income-Tax (15th Amendment) Rules, 2016 MANU/CBDT/0057/2016

Tags : INCOME TAX RULES REPORTABLE ACCOUNTS DEADLINE

Share :