Obligation to furnish statements of financial transactions requires specified persons to report reportable accounts to tax authorities within prescribed manner. Section 285BA mandates that defined persons who register or maintain records of specified financial transactions or reportable accounts must furnish ... Summary
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Obligation to furnish statements of financial transactions requires specified persons to report reportable accounts to tax authorities within prescribed manner.
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.
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