Furnishing of statement of financial transaction [Rule 114E] [Notification No. 95/2015, dated 30-12-2015]

The statement of financial transaction required to be furnished under section 285BA(1) of the Income-tax Act, 1961 shall be furnished by every person mentioned in column (3) of the Table below in respect of all the transactions of the nature and value specified in the corresponding entry in column (2) of the said Table, which are registered and recorded by him on or after 1st April, 2016.

	Requirement	Amendment Purpose of amendment
1.	(a) Payment made in cash for purchase of bank drafts or pay orders or banker’s cheque of an amount aggregating to ` 10 lakh or more in a financial year.   (b) Payments made in cash aggregating to ` 10 lakh or more during the financial year for purchase of pre-paid instruments issued by Reserve Bank of India under the Payment and Settlement Systems Act, 2007.   (c) Cash deposits or cash withdrawals (including through bearer’s cheque) aggregating to ` 50 lakhs or more in a financial year, in or from one or more current account of a person.	A banking company or a cooperative bank to which the Banking Regulation Act, 1949 applies (including any bank or banking institution referred to in section 51 of that Act)
2.	Cash deposits aggregating to ` 10 lakhs or more in a financial year, in one or more accounts (other than a current account and time deposit) of a person.	(i) A banking company or a cooperative bank to which the Banking Regulation Act, 1949 applies (including anybank or banking institution referred to in section 51 of that Act);   (ii) Post Master General as referred to in the Indian Post Office Act, 1898.
3.	One or more time deposits (other than a time deposit made through renewal of another time deposit) of a person aggregating to ` 10 lakhs or more in a financial year of a person.	(i) A banking company or a cooperative bank to which the Banking Regulation Act, 1949 applies (including any bank or banking institution referred to in section 51 of that Act);   (ii) Post Master General as referred to in the Indian Post Office Act, 1898;   (iii) Nidhi referred to in section 406 of the Companies Act, 2013;   (iv) NBFC which holds a certificate of registration under section 45-IA of the Reserve Bank of India Act, 1934, to hold or accept deposit from public.
4.	Payments made by any person of an amount aggregating to- (i) ` 1 lakh or more in cash; or (ii) ` 10 lakh or more by any other mode,   against bills raised in respect of one or more credit cards issued to that person, in a financial year.	A banking company or a cooperative bank to which the Banking Regulation Act, 1949 applies (including any bank or banking institution referred to in section 51 of that Act) or any other company or institution issuing credit card.
5.	Receipt from any person of an amount aggregating to ` 10 lakh or more in a financial year for acquiring bonds or debentures issued by the company or institution (other than the amount received on account of renewal of the bond or debenture issued by that company).	A company or institution issuing bonds or debentures.
6.	Receipt from any person of an amount aggregating to ` 10 lakh or more in a financial year for acquiring shares (including share application money)issued by the company.	A company issuing shares
7.	Buy back of shares from any person (other than the shares bought in the open market) for an amount or value aggregating to ` 10 lakh or more in a financial year.	A company listed on a recognized stock exchange purchasing its own securities under section 68 of the Companies Act, 2013.
8.	Receipt from any person of an amount aggregating to ` 10 lakh or more in a financial year for acquiring units of one or more schemes of a Mutual Fund (other than the amount received on account of transfer from one scheme to another scheme of that Mutual Fund).	A trustee of a Mutual Fund or such other person managing the affairs of the Mutual Fund as may be duly authorised by the trustee in this behalf.
9.	Receipt from any person for sale of foreign currency including any credit of such currency to foreign exchange card or expense in such currency through a debit or credit card or through issue of travellers cheque or draft or any other instrument of an amount aggregating to 10 lakh or more during a financial year	Authorised person as referred to in section 2(c) of the Foreign Exchange Management Act, 1999.
10.	Purchase or sale by any person of immovable property for an amount of  30 lakhs or more or valued by the stamp valuation authority referred to in section 50C at ` 30 lakhs or more	Inspector-General appointed under the Registration Act, 1908 or Registrar or Sub-Registrar appointed under that Act
11.	Receipt of cash payment exceeding  2 lakh 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.

 

Manner of application of threshold limit: The reporting person mentioned in column (3) of the Table under sub-rule (2) [other than the person at Sl.No.9] shall, while aggregating the amounts for determining the threshold amount for reporting in respect of any person as specified in column (2) of the said Table,-

(a) take into account all the accounts of the same nature as specified in column (2) of the said Table maintained in respect of that person during the financial year;

(b) aggregate all the transactions of the same nature as specified in column (2) of the said Table recorded in respect of that person during the financial year;

(c) attribute the entire value of the transaction or the aggregated value of all the transactions to all the persons, in a case where the account is maintained or transaction is recorded in the name of more than one person;

(d) apply the threshold limit separately to deposits and withdrawals in respect of transaction specified in item (c) under column (2), against Sl. No. 1 of the said Table.