Income–tax (30thAmendment) Rules, 2016

1. In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 114B, in the Table, for serial number10 and entries relating thereto the following serial number and entries shall be substituted, namely:-

Earlier provision

S.No.	Nature of Transaction	Value of Transaction
10.	Deposit with 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).	Deposits in cash exceeding fifty thousand rupees during any one day.

New Proviso

S.No.	Nature of Transaction	Value of Transaction
10.	Deposit with,- (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 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.”.

2. In the said rules, in rule 114E, — (i) in sub-rule (2), in the Table, after serial number11 and entries relating thereto the following serial number and entries shall be inserted, namely:-

S.No.	Nature and value of transaction	Class of person (reporting person)
11.	Receipt of cash payment exceeding two lakh rupees for sale, by any person, of goods or services of any nature (other than those specified at Sl. Nos. 1 to 10 of this rule, if any.)	Any person who is liable for audit under section 44AB of the Act.
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).”;

3. (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.”.