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Rule 239Published

Rule 239: Information to be maintained and reported on reportable accounts (Form No. 166)

Rule 239 sets out what a reporting financial institution must maintain and report for each reportable account identified under rule 238 and the due diligence in rule 240. It covers account holder and controlling person details, account balances and amounts paid or credited, the meaning of account holder and taxpayer identification number, when a taxpayer identification number, date of birth or place of birth need not be reported, the statement under section 508(1)(k) in Form No. 166 (including a nil statement), online furnishing, registration with a Designated Director and Principal Officer, and the role of the institution's regulator.

Official notified Income-tax Rules, 2026

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Rule 239 - Information to be maintained and reported

(1) The following information shall be maintained and reported by a reporting financial institution in respect of each reportable account: —

(a) the name, address, taxpayer identification number (assigned to the account holder by the country or territory of his residence for tax purposes) and date and place of birth (in the case of an individual) of each reportable person, that is an account holder of the account but that in the case of an account other than a U.S. reportable account, a reporting financial institution shall also,–

I. maintain and report whether the account holder has provided a valid self-certification;

II. report whether the account is a joint account, including the number of joint account holders;

(b) in the case of any entity which is an account holder and which, after application of due diligence procedures as provided in rule 240, is identified as having one or more controlling persons that is a reportable person, –

(i) the name and address of the entity, taxpayer identification number assigned to the entity by the country or territory of its residence; and

(ii) the name, address, date and place of birth of each such controlling person and taxpayer identification number assigned to such controlling person by the country or territory of his residence.

but that in the case of an account other than a U.S. reportable account, a reporting financial institution shall also, –

(I) maintain and report the role(s) by virtue of which each reportable person is a controlling person of the entity and whether a valid self-certification has been provided for each reportable person;

(II) report whether the account is a joint account, including the number of joint account holders;

(c) the account number (or functional equivalent in the absence of an account number), but that in the case of an account other than a U.S. reportable account, a reporting financial institution shall also maintain and report the type of account and whether the account is a pre-existing account or a new account;

(d) the account balance or value (including, in the case of a cash value insurance contract or annuity contract, the cash value or surrender value) at the end of relevant calendar year or, if the account was closed during such year, immediately before closure;

(e) in the case of any custodial account, -

(i) the total gross amount of interest, the total gross amount of dividends, and the total gross amount of other income generated with respect to the assets held in the account, in each case paid or credited to the account (or with respect to the account) during the calendar year; and

(ii) the total gross proceeds from the sale or redemption of financial assets paid or credited to or with respect to the account during the calendar year with respect to which the reporting financial institution acted as a custodian, broker, nominee, or otherwise as an agent for the account holder;

(f) in the case of any depository account, the total gross amount of interest paid or credited to the account during the relevant calendar year;

(g) in the case of any account other than that referred to in clause (e) or (f), the total gross amount paid or credited to the account holder with respect to the account during the relevant calendar year with respect to which the reporting financial institution is the obligor or debtor, including the aggregate amount of any redemption payments made to the account holder during the relevant calendar year;

(h) in the case of any account held by a non-participating financial institution, for calendar years 2015 and 2016, the name of each non-participating financial institution to which payments have been made and the aggregate amount of such payments;

but the information to be reported, –

(i) with respect to calendar year 2014, is the information referred to in clauses (a), (b), (c) and (d), with regard to U.S. reportable accounts;

(ii) with respect to calendar year 2015, is the information referred to in clauses (a), (b), (c), (d), (f), (g), (h) and sub-clause (i) of clause (e), with regard to U.S. reportable accounts;

(iii) with respect to calendar year 2016, is the information referred to in clauses (a) to (h), with regard to all reportable accounts;

(iv) with respect to calendar year 2017 and subsequent years, is the information referred to in clauses (a) to (g), with regard to all reportable accounts;

(v) with respect to each U.S. reportable account which is maintained by a reporting financial institution as on the 30th June, 2014, the taxpayer identification number of any relevant person is not required to be reported if such taxpayer identification number is not in the records of the reporting financial institution.

(i) in the case of an account other than U.S. reportable account, where any equity interest is held in an investment entity that is a legal arrangement, the roles by virtue of which the reportable person is an equity interest holder.

(2) For the purposes of sub-rule (1),-

(a) "account holder" means the person listed or identified as the holder of a financial account by the financial institution that maintains the account:

Provided that a person, other than a financial institution, holding a financial account for the benefit or on account of another person as agent, custodian, nominee, signatory, investment advisor, or intermediary, is not treated as holding the account, and such other person is treated as holding the account:

Provided further that in the case of a cash value insurance contract or an annuity contract, the account holder is any person entitled to receive a payment upon the maturity of the contract or any person entitled to access the cash value or change the beneficiary of the contract and if no person can access the cash value or change the beneficiary, the account holder is any person named as the owner in the contract and any person with a vested entitlement to payment under the terms of the contract;

(b) "taxpayer identification number" means a number assigned to a person in the country or territory in which he is resident for tax purposes and includes a functional equivalent in case no such number is assigned.

(3) Where the person is a resident of more than one country or territory outside India under the tax laws of such country or territory, the reporting financial institution shall maintain the taxpayer identification number in respect of each such country or territory.

(4) Irrespective of sub-rule (1), with respect to each reportable account which is a pre-existing account, the taxpayer identification number or date of birth is not required to be reported if such taxpayer identification number or date of birth is not in the records of the reporting financial institution but the reporting financial institution shall obtain the taxpayer identification number and date of birth with respect to, –

(a) pre-existing accounts by the 31st December, 2016 and shall report it with respect to calendar year 2017 and subsequent years; and

(b) an account other than a U.S. reportable account, whenever it is required to update the information relating to the pre-existing account pursuant to the rules made under The Prevention of Money-Laundering Act, 2002.

(5) Irrespective of sub-rule (1) and sub-rule (4), the taxpayer identification number is not required to be reported if,-

(i) a taxpayer identification number (including its functional equivalent) is not issued by the relevant country or territory outside India in which the person is resident for tax purposes or;

(ii) the domestic law of the relevant country or territory outside India does not require the collection of the taxpayer identification number issued by such country or territory.

(6) Irrespective of sub-rule (1), the place of birth is not required to be reported unless it is available in the electronically searchable data maintained by the reporting financial institution.

(7) Irrespective of sub-rule (1)(e)(ii) and unless the reporting financial institution elects otherwise with respect to any clearly identified group of accounts, the gross proceeds from the sale or redemption of a financial asset are not required to be reported to the extent such gross proceeds from the sale or redemption of such financial asset are reported by the reporting financial institution under the Crypto-Asset Reporting Framework but the provisions of this sub-rule shall apply in respect of an account other than U.S. reportable account.

(8) The statement of reportable account required to be furnished under section 508(1)(k) shall be furnished by a reporting financial institution in respect of each account which has been identified, pursuant to due diligence procedure specified in rule 240, as a reportable account but where pursuant to such due diligence procedures no account is identified as a reportable account, a nil statement shall be furnished by the reporting financial institution.

(9) The statement referred to in sub-rule (8) shall be furnished in Form No. 166 and in such manner, as may be specified by the Principal Director General of Income Tax (Systems) or the Director General of Income Tax (Systems), as the case may be, with the approval of the Board for every calendar year by the 31st day of May following that year;

(10) (a) The statement referred to in sub-rule (8) shall be furnished to the Director of Income-tax (Intelligence and Criminal Investigation) or the Joint Director of Income-tax (Intelligence and Criminal Investigation) through online transmission of electronic data to a server designated for this purpose under the digital signature in accordance with the data structure specified in this regard by the Principal Director General of Income-tax (Systems).

Explanation. — For the purposes of this sub-rule, "digital signature" means a digital signature issued by any Certifying Authority authorised to issue such certificates by the Controller of Certifying Authorities.

(b) Principal Director General of Income Tax (Systems) shall specify the procedures, data structures and standards for ensuring secure capture and transmission of data, evolving and implementing appropriate security, archival and retrieval policies.

(11) (a) Every reporting financial institution shall communicate to the Principal Director General of Income-tax (Systems) the name, designation and communication details of the Designated Director and the Principal Officer and obtain a registration number;

(b) The statement referred to in sub-rule (8) shall be signed, verified and furnished by the Designated Director of the reporting financial institution on the basis of information available with the institution:

Provided that where the reporting financial institution is a non-resident, the statement may be signed, verified and furnished by a person who holds a valid power of attorney from such Designated Director;

(c) It shall be the duty of every reporting financial institution, its Designated Director, Principal Officer and employees to observe the procedure and the manner of maintaining information as specified by its regulator.

Explanation. - For the purposes of this sub-rule, -

(a) "Designated Director" means a person designated by the reporting financial institution to ensure overall compliance with the obligations imposed under section 508 and the rules made thereunder and includes—

(i) the Managing Director or a whole-time Director, as defined in the Companies Act, 2013 (18 of 2013), duly authorised by the Board of Directors if the reporting financial institution is a company;

(ii) the managing partner if the reporting financial institution is a partnership firm;

(iii) the proprietor if the reporting financial institution is a proprietorship concern;

(iv) the managing trustee if the reporting financial institution is a trust;

(v) a person or individual, as the case may be, who controls and manages the affairs of the reporting financial institution if the reporting financial institution is an association of persons or a body of individuals, or any other person;

(b) "Principal Officer" means an officer designated by the reporting financial institution;

(c) "regulator" means a person or an authority or a Government which is vested with the power to licence, authorise, register, regulate or supervise the activities of the reporting financial institution.

(12)(a) The regulator referred to in sub-rule (11)(c) shall issue instructions or guidelines to, –

(i) incorporate the requirements of reporting and due diligence procedure specified under rules 238 to 240;

(ii) provide the procedure and manner of maintaining the information by the reporting financial institution; and

(iii) ensure the availability of the information referred to in sub-rule (1) with the reporting financial institution for meeting its reporting obligation, if such information is not maintained by it under any rule or regulation issued by the regulator.

(b) Every reporting financial institution shall maintain information in respect of financial accounts in accordance with the procedure and manner as may be specified by its regulator from time to time so as to enable reporting of information prescribed under this rule and perform due diligence procedure specified under rule 240.

(13) Irrespective of sub-rule (1)(b) and sub-rule (1)(i) of this rule, with respect to each reportable Account other than a U.S. reportable account that is maintained by a reporting financial institution as of 31st December 2025 and for reporting periods ending by the second calendar year following such date, information with respect to the role(s) by virtue of which each reportable person is a controlling person or equity interest holder of the entity is only required to be reported if such information is available in the electronically searchable data maintained by the reporting financial institution.

Rule breakdown

What must be reported: Rule 239(1)

For each reportable person who is an account holder: name, address, taxpayer identification number and, for an individual, date and place of birth. For accounts other than U.S. reportable accounts, also whether a valid self-certification was provided and whether the account is joint (with the number of joint holders).

For an entity account holder with controlling persons who are reportable persons: the entity's name, address and taxpayer identification number, and each controlling person's name, address, date and place of birth and taxpayer identification number. For accounts other than U.S. reportable accounts, also each controlling person's role(s), self-certification status and joint account details.

The account number (or functional equivalent); for accounts other than U.S. reportable accounts, also the type of account and whether it is pre-existing or new.

The account balance or value at the end of the calendar year (or immediately before closure), and the amounts paid or credited: income and gross proceeds for custodial accounts, interest for depository accounts, and gross amounts including redemption payments for other accounts.

Clause (h) deals with payments to non-participating financial institutions for calendar years 2015 and 2016, and sets out which information was reportable for calendar years 2014 to 2017 and later. Clause (i) requires the roles of equity interest holders in an investment entity that is a legal arrangement, for accounts other than U.S. reportable accounts.

Account holder, TIN and exceptions: Rule 239(2) to (7)

Account holder is the person listed or identified as holder by the institution. A person (other than a financial institution) holding an account for another as agent, custodian, nominee, signatory, investment advisor or intermediary is not the holder; the other person is. Special rules apply to cash value insurance and annuity contracts.

Where a person is resident in more than one country or territory outside India, the institution must maintain the taxpayer identification number for each.

For pre-existing accounts, a missing taxpayer identification number or date of birth need not be reported if it is not in the records, but the institution must obtain it as set out in sub-rule (4).

A taxpayer identification number need not be reported if the relevant country or territory does not issue one or its domestic law does not require its collection. Place of birth is reported only if it is in the electronically searchable data.

For accounts other than U.S. reportable accounts, gross sale or redemption proceeds need not be reported to the extent they are reported under the Crypto-Asset Reporting Framework, unless the institution elects otherwise for a clearly identified group of accounts.

Statement in Form No. 166: Rule 239(8) to (10)

The statement of reportable account under section 508(1)(k) is furnished for each account identified as reportable. If no account is identified, a nil statement must be furnished.

It is furnished in Form No. 166, in the manner specified by the Principal Director General of Income Tax (Systems) or Director General of Income Tax (Systems) with Board approval, for every calendar year by 31 May of the following year.

It is sent to the Director or Joint Director of Income-tax (Intelligence and Criminal Investigation) by online transmission under digital signature, in the data structure specified by the Principal Director General of Income-tax (Systems).

Registration, signing and regulators: Rule 239(11) to (13)

Each reporting financial institution must give the Principal Director General of Income-tax (Systems) the details of its Designated Director and Principal Officer and obtain a registration number.

The statement is signed, verified and furnished by the Designated Director; for a non-resident institution, it may be done by a holder of a valid power of attorney from the Designated Director.

The regulator must issue instructions or guidelines so that rules 238 to 240 are built into reporting and due diligence, and institutions must maintain information as their regulator specifies.

Sub-rule (13): for accounts (other than U.S. reportable accounts) maintained as of 31 December 2025, roles of controlling persons or equity interest holders need to be reported, for reporting periods ending by the second calendar year after that date, only if available in electronically searchable data.

Printing notes: reproduced as printed in the gazette

Sub-clause (ii) of clause (b) of sub-rule (1) ends with a full stop ("residence.") and is followed by "but that in the case of ..." in lower case.

Sub-clause (i) of sub-rule (5) ends with "or;" rather than "; or".

Clause (h) of sub-rule (1) has its own sub-clauses (i) to (v), and is followed by clause (i) of sub-rule (1). These are reproduced exactly as printed.

Key takeaways

Form No. 166

Annual statement for each calendar year, due by 31 May of the following year.

Nil statement

Required even when no reportable account is identified.

Designated Director

Signs, verifies and furnishes the statement; registration number obtained from the PDGIT (Systems).

Extra fields for CRS

Self-certification status, joint account details, account type and controlling person roles apply to accounts other than U.S. reportable accounts.

Practical checklist

  • Register the Designated Director and Principal Officer with the PDGIT (Systems) and keep the registration number.
  • File a nil statement if no reportable account is identified for the calendar year.
  • Keep each taxpayer identification number where an account holder is resident in more than one country or territory.

Avoid

  • Do not miss the 31 May due date for Form No. 166.
  • Do not treat an agent, nominee or custodian (other than a financial institution) as the account holder.

FAQs

What is the due date for the statement of reportable accounts?

It is furnished in Form No. 166 for every calendar year by 31 May following that year (Rule 239(9)).

Is a statement needed if no account is reportable?

Yes. Where no account is identified as a reportable account under the due diligence procedures, a nil statement must be furnished (Rule 239(8)).

Who signs the statement?

The Designated Director of the reporting financial institution. If the institution is a non-resident, a person holding a valid power of attorney from the Designated Director may sign, verify and furnish it (Rule 239(11)(b)).

Must place of birth always be reported?

No. It is required only if it is available in the electronically searchable data maintained by the reporting financial institution (Rule 239(6)).

What if the country of residence does not issue a TIN?

The taxpayer identification number is not required to be reported if it is not issued by that country or territory, or if its domestic law does not require its collection (Rule 239(5)).

Glossary

Account holder
The person listed or identified as the holder of a financial account by the institution, subject to the provisos in Rule 239(2)(a).
Taxpayer identification number
A number assigned to a person in the country or territory where he is resident for tax purposes, including a functional equivalent (Rule 239(2)(b)).
Designated Director
The person designated by the reporting financial institution to ensure overall compliance with section 508 and the rules (Rule 239(11), Explanation).
Regulator
A person, authority or Government with power to licence, authorise, register, regulate or supervise the institution (Rule 239(11), Explanation).

Official sources

Related rules