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of <h1>Finance Bill 2014: Clause 71 to Replace Section 285BA, Mandates Reporting of Financial Transactions from April 2015</h1> Clause 71 of the Finance (No. 2) Bill, 2014, proposes to replace section 285BA of the Income-tax Act with a new provision effective from April 1, 2015. This section mandates various entities, including government offices, local authorities, and financial institutions, to furnish statements of specified financial transactions or reportable accounts to the prescribed income-tax authority. The amendment outlines the format, period, and manner for submitting these statements and addresses procedures for rectifying inaccuracies. It also empowers the Central Government to establish rules regarding registration, information maintenance, and due diligence for identifying reportable accounts.
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