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of <h1>Finance Bill 2019 Amends Section 285BA: New Reporting Duties, Omits Minimum Transaction Value, Alters Defect Consequences</h1> Clause 66 of the Finance (No. 2) Bill, 2019 amends section 285BA of the Income-tax Act, effective from September 1, 2019. It revises sub-section (1) by adding a new clause (l), requiring additional prescribed persons to furnish statements of financial transactions or reportable accounts. The second proviso in sub-section (3), which set a minimum transaction value of fifty thousand rupees, is omitted. Sub-section (4) is amended to treat unrectified statement defects as furnishing inaccurate information, rather than invalidating the statement. These changes aim to enhance reporting obligations under the Act.
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