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Rule 114BA: Transactions for the purposes of clause (vii) of sub-section (1) of section 139A

The Income-tax Rules, 1962Central Act · 1962

[Transactions for the purposes of clause (vii) of sub-section (1) of section 139A.

The following shall be the transactions for the purposes of clause (vii) of sub-section (1) of section 139A, namely:—

(a) cash deposit or deposits aggregating to twenty lakh rupees or more in a financial year, in one or more account of a person 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) or a Post Office;

(b) cash withdrawal or withdrawals aggregating to twenty lakh rupees or more in a financial year, in one or more account of a person 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) or a Post Office;

(c) opening of a current account or cash credit account by a person 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) or a Post Office:]

[Provided that the provisions of this rule shall not apply in a case,—

(a) where the person, making the deposit or withdrawal of an amount otherwise than by way of cash as per clause (a) or (b), or opening a current account not being a cash credit account as per clause (c) of this rule, is a non-resident (not being a company) or a foreign company;

(b) the transaction is entered into with an IFSC banking unit; and

(c) such non-resident (not being a company) or the foreign company does not have any income chargeable to tax in India.

Explanation.—For the purposes of this rule, "IFSC banking unit" shall have the same meaning as assigned to it in clause (1) of the Explanation to rule 114B.]

Where this provision sits

ActThe Income-tax Rules, 1962
Rule114BA
Marginal noteTransactions for the purposes of clause (vii) of sub-section (1) of section 139A
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • inserted. Inserted by the IT (Fifteenth Amdt.) Rules, 2022. The amendment shall come into force after the expiry of fifteen days from 10-5-2022.
  • inserted. Inserted by the IT (Twenty-fourth Amdt.) Rules, 2023, w.e.f. 10-10-2023.

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