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[Cites 0, Cited by 0] [Section 114H(7)] [Section 114H] [Entire Act]

Union of India - Subsection

Section 114H(7)(b) in Income Tax Rules, 1962

(b)a reporting financial institution may presume that an individual beneficiary (other than the owner) of a cash value insurance contract or an annuity contract receiving a death benefit is not a reportable person and may treat such financial account as other than a reportable account unless the reporting financial institution has actual knowledge, or reason to know, that the beneficiary is a reportable person: