Rule 239 lists the information a reporting financial institution maintains and reports for each reportable account — account holder or controlling person identity, account number, balance and income — in Form No. 166 by 31 May following the calendar year, with a nil statement if there is none, and the duties of the Designated Director.
239
Rules 2026 · Rule 239
Information to be maintained and reported (reporting financial institutions)
Rules 201-260
What is reported (sub-rule 1). For each reportable account: the name, address, taxpayer identification number (assigned by the account holder's country or territory of tax residence) and, for an individual, date and place of birth of each reportable person who is an account holder; for an entity identified through due diligence as having controlling persons who are reportable persons, the entity's details and each controlling person's details; the account number (or equivalent); the account balance or value at the end of the relevant calendar year, or immediately before closure (including the cash or surrender value of an insurance or annuity contract); for custodial accounts, gross interest, dividends, other income and gross proceeds of sale or redemption; for depository accounts, gross interest; and for other accounts, the gross amount paid or credited, including redemption payments. For accounts other than U.S. reportable accounts, the institution also reports whether a valid self-certification was provided, whether the account is joint and how many holders, the account type, whether it is a pre-existing or new account, and the roles of controlling persons and equity interest holders. The rule sets out which items applied for each calendar year from 2014, with all items (a) to (g) for 2017 and later.
Exceptions and limits (sub-rules 2 to 7, 13). The taxpayer identification number need not be reported if the country does not issue one or does not require its collection, or for a pre-existing account if it is not in the institution's records (though it must be obtained by 31 December 2016 for pre-existing accounts); place of birth need not be reported unless it is in electronically searchable data; gross proceeds need not be reported to the extent they are reported under the Crypto-Asset Reporting Framework (for accounts other than U.S. reportable accounts); and, for entity accounts maintained as of 31 December 2025, the controlling-person role information is reported only if available in electronically searchable data. A person resident in more than one country has a taxpayer identification number maintained for each.
Furnishing (sub-rules 8 to 12). A statement for each reportable account is furnished under section 508(1)(k) in Form No. 166 for every calendar year by 31 May following that year; if the due diligence identifies no reportable account, a nil statement is furnished. It goes to the Director or Joint Director of Income-tax (Intelligence and Criminal Investigation) through online transmission under digital signature. The institution communicates the name, designation and contact details of its Designated Director and Principal Officer to the Principal Director General of Income-tax (Systems) and obtains a registration number; the Designated Director signs, verifies and furnishes the statement (for a non-resident institution, a person holding a power of attorney from the Designated Director may). Regulators issue instructions to incorporate these reporting and due diligence requirements.