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[Cites 0, Cited by 0] [Section 114H(3)] [Section 114H] [Entire Act]

Union of India - Subsection

Section 114H(3)(a) in Income Tax Rules, 1962

(a)a pre-existing individual account is not required to be reviewed, identified or reported, if,-
(i)in case of a U.S. reportable account,-
(A)the balance or value as on the 30th June, 2014, does not exceed an amount equivalent to fifty thousand U.S. dollars, subject to sub-clause (vi) of clause (c) of this sub-rule; or
(B)which is a cash value insurance contract or an annuity contract, the balance or value does not exceed an amount equivalent to two hundred and fifty thousand U.S. dollars as on the 30th June, 2014, subject to sub-clause (vi) of clause (c) of this sub-rule; or
(C)which is a cash value insurance contract or an annuity contract, the reporting financial institution, under any other law for the time being in force in India or of the United States of America, is prevented from selling such contract to a person who is a resident of the United States of America;
(ii)in case of other reportable account, which is a cash value insurance contract or an annuity contract, the reporting financial institution, under any other law for the time being in force in India, is prevented from selling such contract to a person who is not a resident of India for tax purposes;