Quick Summary
The Draft Income-tax Rules, 2026, introduce Rule 160, which lays down the time, manner, verification process and compliance requirements for persons required to furnish a statement containing particulars of declarations received in Form No. 97. This provision is directly linked to Rule 159 and st
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FAQ :
Rule 160 mandates the electronic filing of statements containing particulars of declarations received in Form No. 97, strengthening the reporting framework for specific transactions.
Entities listed in Rule 159 (Sl. No. 11-14, or 15-16 if accounts require audit under Section 58) who receive a declaration in Form No. 97 must comply.
The statement must be filed electronically through online data transmission to a designated server of the Directorate of Income-tax (Intelligence and Criminal Investigation), with an acknowledgement number generated.
Form No. 97 must be retained for six years from the end of the financial year in which the transaction was undertaken.
If declarations are received by 30th September, the statement is due by 31st October. If received by 31st March, the statement is due by 30th April of the following financial year.
Rule 160 enhances transparency in high-value transaction reporting, improves data integration for investigations, promotes digital compliance, and strengthens documentation controls.
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