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 ..... Registrar or Sub-Registrar appointed under section 6 of the Registration Act, 1908; or [16 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] ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (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 of such transaction: 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. (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 d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fy (a) the persons referred to in sub-section (1) to be registered with the prescribed income-tax authority; (b) the nature of information and the manner in which such information shall be maintained by the persons referred to in clause (a); and (c) the due diligence to be carried out by the persons for the purpose of identification of any reportable account referred 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 f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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