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TMI BlogObligation to furnish statement of financial transaction or reportable accountX X X X Extracts X X X X X X X X Extracts X X X X ..... dian Post Office Act, 1898 (6 of 1898) ; or (g) the Collector referred to in clause (g) of section 3 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (30 of 2013) ; or (h) the recognised stock exchange referred to in clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) ; or (i) an officer of the Reserve Bank of India, constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934) ; or (j) a depository referred to in clause (e) of sub-section (1) of section 2 of the Depositories Act, 1996 (22 of 1996) ; or 3[(k) a prescribed reporting financial institution; or (l) a person, other than those referred to in clauses (a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve, he may intimate the defect to the person who has furnished such statement and give him an opportunity of rectifying the defect within a period of thirty days from the date of such intimation or within such further period which, on an application made in this behalf, the said income-tax authority may, in his discretion,allow; and if the defect is not rectified within the said period of thirty days or, as the case may be, the further period so allowed, then, notwithstanding anything contained in any other provision of this Act, 5[the provisions of this Act shall apply as if such person had furnished inaccurate information in the statement.] (5) Where a person who is required to furnish a statement under sub-section (1) has not furnished ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see, who enters into any financial transaction, as may be prescribed, with any other person, shall furnish, within the prescribed time, an annual information return in such form and manner, as may be prescribed, in respect of such financial transaction entered into by him during any previous year." 2. Substituted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of April, 2015, before it was read as, "1[Obligation to furnish annual information return. 285BA. (1) Any person, being- (a) an assessee; or (b) the prescribed person in the case of an office of Government; or (c) a local authority or other public body or association; or (d) the Registrar or Sub-Registrar appointed under section 6 of the Registration Act, 1908 (16 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , in such form and manner (including on a floppy, diskette, magnetic cartridge tape, CD-ROM or any computer readable media) as may be prescribed. (3) For the purposes of sub-section (1), "specified financial transaction" means any- (a) transaction of purchase, sale or exchange of goods or property or right or interest in a property; or (b) transaction for rendering any service; or (c) transaction under a works contract; or (d) transaction by way of an investment made or an expenditure incurred; or (e) transaction for taking or accepting any loan or deposit, which may be prescribed : Provided that the Board may prescribe different values for different transactions in respect of different persons having regard to the nature ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... FINANCE (NO. 2) ACT, 2019 w.e.f. 01-09-2019 before it was read as
"(k) a prescribed reporting financial institution,"
4. Omitted vide FINANCE (NO. 2) ACT, 2019 w.e.f. 01-09-2019 , before it was read as, "Provided further that the value or, as the case may be, the aggregate value of such transactions during a financial year so prescribed shall not be less than fifty thousand rupees."
5. Substituted vide FINANCE (NO. 2) ACT, 2019 w.e.f. 01-09-2019 before it was read as, "such statement shall be treated as an invalid statement and the provisions of this Act shall apply as if such person had failed to furnish the statement"
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