Section 114H(5)(d) in Income Tax Rules, 1962

[Cites 0, Cited by 0] [Section 114H(5)] [Section 114H] [Entire Act]

Union of India - Subsection

Section 114H(5)(d) in Income Tax Rules, 1962

(d)for pre-existing entity accounts referred to in clause (b) with respect to which reporting is required, a reporting financial institution, to determine whether the account is held by one or more reportable persons, or by a passive non-financial entity with one or more controlling persons who are reportable persons, or by non-participating financial institutions, shall apply the following review procedures namely:-

(i)to determine whether the entity is a reportable person, the reporting financial institution shall,-

(A)review information maintained for regulatory or customer relationship purposes including information collected in accordance with the rules made under the Prevention of Money-laundering Act, 2002 (15 of 2003) to determine whether the information indicates that the account holder is a reportable person.

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Union of India - Subsection

Section 114H(5)(d) in Income Tax Rules, 1962