Quick Summary
The Income-tax Department has introduced Draft Form No. 166 prescribing the format for filing the Statement of Reportable Account under Section 508(1) of the Income-tax Act, 2025. The proposed form lays down a comprehensive reporting structure for financial institutions and other reporting entities
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FAQ :
Draft Form 166 is a proposed format for filing the Statement of Reportable Account under Section 508(1) of the Income-tax Act, 2025, requiring financial institutions to report detailed account information.
The form requires details such as reporting entity information, account-level data including account number, balance, and income, as well as disclosures on account holders (individuals and entities) and their controlling persons, including TIN and PAN.
The form aims to strengthen transparency, improve cross-border tax reporting, and enhance the accuracy of regulatory data, aligning with global tax transparency frameworks.
Financial institutions, banks, NBFCs, and other reporting entities that are required to furnish details of reportable accounts under the Income-tax Act, 2025.
Institutions need to upgrade compliance systems, ensure accurate self-certification processes, strengthen KYC documentation, and validate tax residency and TIN data to meet the granular reporting requirements.
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