F. No. DGIT(S)/DIT(S)-2/ITWG on Financial Sector Reporting/12/2015
Government of India
Ministry of Finance
Central Board of Direct Taxes
Directorate of Income Tax (Systems)

Notification No 3/2015

New Delhi, 25 ^th August, 2015

Procedure for registration and submission  of report as per clause (k) of sub section (1) of section 285BA of Income-tax Act, 1961 read with Sub rule (7) of Rule 114G of Income-tax Rules, 1962:

As  per Sub rule (9)(a)  of  Rule  114G of the  Income Tax  Rules,  1962 (hereunder referred as the Rules), the statement referred to in sub-rule (7) of Rule 114G shall be furnished through online transmission of electronic data to a server designated for  this purpose under the digital signature in accordance with the data structure specified  in this regard by the Principal Director General of Income-tax (Systems). Further as per sub rule (9)(b) of Rule 114G Principal Director General of Income Tax (Systems) shall specify the procedures, data structures and standards for ensuring secure capture and transmission of data, evolving and implementing appropriate security, archival and retrieval policies.

2. In exercise of the powers delegated by Central Board of Direct Taxes ('Board') under Sub rule (9)(a) and 9(b) of Rule 114G of the Income tax Rules 1962, the Principal Director General of Income-tax (Systems) lays down the procedures,  data structure and standards for ensuring secure capture and transmission of data, evolving  and  implementing appropriate security, archival and retrieval policies as under:

(a) Registration  of  the  reporting  financial   institution:  The  reporting  financial institution is required to get registered with the Income Tax Department by logging in to the e-filing website with the log in ID used for the purpose of filing the Income Tax Return of the reporting financial institution. A link to register reporting financial institution has been provided under "My Account". The reporting financial institution is  required  to  submit  registration  details  on  the  screen . A  reporting  financial institution  may  submit  different  registration  information  under  different  reporting financial institution categories.

(b) Submission of Form 61B: Once the reporting financial institution gets registered successfully, it is required to submit the Form 61B or Nil statement under "e-File" menu. The prescribed schema for the report under form 61B can be downloaded from the e-filing website. The reporting financial institution will be  required  to submit the calendar year for which report is to be submitted and the reporting entity category for which the report is to be submitted. The reporting financial institution will then be provided the options to upload the Form 61B. The form is required to be submitted using a Digital Signature Certificate.

(c) Submission of Nil statement: In case nil statement has to be submitted by the reporting financial institution, the option to submit Nil statement is required to be selected. The reporting financial institution will then be required to submit a declaration with respect to pre-existing accounts (As defined in Rule 114H(2)(h) of Income Tax Rules, .1962 and new accounts (As defined in Rule 114H(2)(d)  of Income Tax Rules, 1962.  The declaration is required to be  submitted  using  a Digital Signature Certificate.

(d) Digital signature certificate:  In case if the designated director (as reported in registration details submitted by the reporting financial institution as per para 2(a) above) is same as the person authorised to verify the return of income of the reporting financial institution as per the provisions of section 140 of the Income-tax Act, 1961, the Form 61B or Nil statement is required to be submitted with the digital signature certificate of the person authorised to sign the return of income of the reporting financial institution. In other cases, the procedure will be notified separately.

Nishi Singh

Pr. DGIT (Systems) CBDT

Related Updates:
Notification No. 62/2015 Insertion of Rule 114F, 114G and 114H Click Here>>
Online Filing of Form 61N enabled at income-tax e-filing website for “Registration” and “Submission of Nil statement”
Reporting Entities are requested to register in the e-Filing portal post login –> My Account –> Register as Reporting Financial Institution. After successful Registration, for submission of Nil statement of Form No. 61B can be done post login –> e-File –> Submit Form 61B/Nil Statement. XML upload of Form No. 61B shall be enabled shortly.