Rule 160 requires persons who receive Form No. 97 declarations for specified transactions to furnish Form No. 98 online by 31 October or 30 April and keep the declarations for six years.
160
Rules 2026 · Rule 160
Time and manner in which persons referred to in rule 159 shall furnish a statement containing particulars of Form No. 97
Rules 131-200
Who and how (sub-rules 1 and 2). A person who receives a Form No. 97 declaration for a transaction in rule 159 — the receiving person at Sl. Nos. 11 to 14, and at Sl. Nos. 15 or 16 if required to get accounts audited under section 58 — furnishes a statement of the particulars in Form No. 98 to the Director or Joint Director of Income-tax (Intelligence and Criminal Investigation) by online transmission to a designated server, obtaining an acknowledgement number, and retains Form No. 97 for six years from the end of the financial year of the transaction.
Timing (sub-rule 3). For declarations received by 30 September, by 31 October of that year; for declarations received by 31 March, by 30 April of the following financial year.
Verification (sub-rule 4). By a person specified in section 265 if the person furnishing is an assessee under section 2(11); otherwise by the person in column (4) of the Table in rule 159.