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<h1>Obligation to furnish statements of financial transactions requires specified persons to report reportable accounts to tax authorities within prescribed manner.</h1> Section 285BA mandates that defined persons who register or maintain records of specified financial transactions or reportable accounts must furnish statements containing information relevant to the Income-tax Act to the income-tax authority or other prescribed agency, in the form, manner and within the periods prescribed; rules may specify registrable persons, information maintenance and due diligence for identifying reportable accounts.