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RBI/2016-17/309
IDMD.CDD.No.3031/13.01.299/2016-17
May
25, 2017
The Chairman/ Managing Director
State Bank of India/Associate Banks/
17 Nationalised Banks/
UTI Bank Ltd., ICICI Bank Ltd.,
HDFC Bank Ltd., IDBI Bank Ltd./
Stock Holding Corporation of India Ltd.
Dear Sir/Madam
Submission of Annual Information
Return relating to issue of Bonds for ? 5 lakh or more under Section 285 BA
of Income Tax Act, 1961-Change thereof
Please refer to letter
DGBA.CDD.13.01.299/H – 739 – 768/2005-06 dated August 5, 2005 on
the captioned subject.
2. You have been authorized to
issue Savings Bonds Notified by the Government of India on behalf of
Reserve Bank of India. In this connection, you may be aware that the
offices accepting deposits under these schemes are required to furnish
Annual Information Return as contemplated in Section 285 BA of the Income
Tax Act, 1961read with Rule 114E of the Income Tax Rules, 1962 to the
concerned Income Tax Authorities before the due date i.e., August 31 of the
year if the aggregate of the amount received from a person is ? 5 lakh or
more in a year. In terms of Section 2 (31) of the Income Tax Act, 1961, a
person has been defined to include (i) an individual, (ii) a Hindu
undivided family, (iii) a company, (iv) a firm, (v) an association of
person or a body of individuals, whether incorporated or not, (vi) a local
authority, and (vii) every artificial juridical person, not falling with
any of the preceding sub-clauses.
3. In this connection, we advise
that Income Tax Department has brought about the undermentioned changes in
the AIR (copy enclosed)
i.
Name
of the AIR has been changed as Statement
of Financial Transaction
ii.
Limit
of amount has been changed from ? 5 lakh or more to ? 10 lakh or
more in a Financial Year
iii.
Date
of Filing has been changed from August 31 of the immediately following
Financial Year to May 31st
4. In view of the above, please
submit the Statement of Financial Transaction to the Tax Authorities in
respect of your bank/corporation as per the revised statement and
procedure.
Yours faithfully,
(Shyni Sunil)
Deputy General Manager
Encls: as above
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