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[Cites 0, Cited by 0] [Section 114H(4)] [Section 114H] [Entire Act]

Union of India - Subsection

Section 114H(4)(a) in Income Tax Rules, 1962

(a)unless the reporting financial institution elects otherwise, the following new individual accounts are not required to be reviewed, or reported as U.S. reportable accounts, namely:-
(i)a depository account unless the account balance exceeds an amount equivalent to fifty thousand U.S. dollars at the end of any calendar year;
(ii)a cash value insurance contract unless the cash value exceeds an amount equivalent to fifty thousand U.S. dollars at the end of any calendar year;