Section 285BA - Obligation to furnish statement of financial transaction or reportable account

Mandatory Reporting of Financial Transactions and Accounts Under Prescribed Rules with Correction and Compliance Measures

Any person or entity responsible for maintaining records of specified financial transactions or reportable accounts under any law must furnish a statement containing relevant information to the prescribed income-tax authority or other designated agency. This includes various government offices, local authorities, registrars, stock exchanges, financial institutions, and others as prescribed. The statement must be submitted within the prescribed time, form, and manner. Specified transactions encompass purchases, sales, services, contracts, investments, expenditures, loans, or deposits as prescribed. If the submitted statement is found defective, the authority may allow a period for rectification; failure to correct defects results in the statement being treated as inaccurate. Non-furnishing of the statement within the specified time may attract a notice requiring compliance within a stipulated period. Any discovered inaccuracies after submission must be reported and corrected within ten days. The government may prescribe registration, information maintenance, and due diligence requirements for reporting persons.