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TMI BlogSubstitution of new section for section 285BA - Obligation 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 ..... of 1908] (e) the registering authority empowered to register motor vehicles under Chapter IV of the Motor Vehicles Act, 1988; or [59 of 1988] (f) the Post Master General as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898; or [6 of 1898] (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; or [30 of 2013] (h) the recognised stock exchange referred to in clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956; or [42 of 1956] (i) an officer of the Reserve Bank of India, constituted under section 3 of the Reserve Bank of India Act, 1934; or [2 of 1934] (j) a depository referred to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. (4) Where the prescribed income-tax authority considers that the statement furnished under sub-section (1) is defective, 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 anyth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d to in sub-section (1). . - Clause 71 of the Bill seeks to substitute section 285BA of the Income-tax Act relating to obligation to furnish annual information return with a new section. The existing provisions of section 285BA provide for filing of an annual information return by specified persons in respect of specified financial transactions which is registered or recorded by them and which is relevant and required for the purposes of the Act to the prescribed income-tax authority. It is proposed to amend the said section so as to provide for furnishing of statement of information by a prescribed reporting financial institution in respect of any specified financial transaction or reportable account to the prescribed income-tax authority. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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