Reporting obligations under income-tax rules revised; adds prescribed reporting financial institutions and treats submissions as inaccurate information. The amendment expands persons required to furnish statements under section 285BA by adding a prescribed reporting financial institution and other prescribed persons, omits the second proviso to subsection (3), and replaces the consequence for non-compliance so that the Act applies as if the person had furnished inaccurate information in the statement rather than treating the statement as invalid or as a failure to furnish.
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Reporting obligations under income-tax rules revised; adds prescribed reporting financial institutions and treats submissions as inaccurate information.
The amendment expands persons required to furnish statements under section 285BA by adding a prescribed reporting financial institution and other prescribed persons, omits the second proviso to subsection (3), and replaces the consequence for non-compliance so that the Act applies as if the person had furnished inaccurate information in the statement rather than treating the statement as invalid or as a failure to furnish.
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