Rule 125 sets Form No. 61 for the authorisation an assessee gives to a financial institution under section 176(3)(a), and the extra documents to keep for transactions with a person in a notified jurisdictional area under section 176(3)(b).
125
Rules 2026 · Rule 125
Furnishing of authorisation and maintenance of documents, etc. for the purposes of section 176
Rules 77-130
Authorisation (sub-rules 1 to 4). The authorisation is in Form No. 61. The assessee deposits or transmits the first copy to the financial institution referred to in section 176(3)(a) and submits the second copy, with evidence of that, to the Assessing Officer having jurisdiction. The assessee takes all steps needed under the law in force in India or abroad to make the authorisation legally enforceable.
Documents for section 176(3)(b) (sub-rules 5 to 7). An assessee with a transaction with a person located in a notified jurisdictional area (the "specified person") keeps, in addition to the information in rule 84(1): a description of the specified person's ownership structure, including the name and address of those with more than 10% shareholding or ownership interest directly or indirectly; a profile of the multinational group of which the specified person is part, with the name, address, legal status and country of tax residence of each enterprise in the group with whom the assessee transacted, and ownership linkages; a broad description of the specified person's business and industry; and any other relevant information. These cover the period up to the return due date under section 263(1) and are kept for eight years from the end of the financial year succeeding the relevant tax year.