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of <h1>Amendment to Section 285BA: New Reporting Requirements for Financial Institutions and Changes to Inaccurate Information Provisions.</h1> Section 285BA of the Income-tax Act was amended effective September 1, 2019, by the Finance (No. 2) Act, 2019. The amendment includes replacing clause (k) in sub-section (1) with new clauses, identifying a prescribed reporting financial institution and other prescribed persons. Additionally, the second proviso in sub-section (3) was removed. In sub-section (4), the wording was changed to treat the statement as containing inaccurate information rather than being invalid, aligning the consequences with furnishing inaccurate information under the Act.
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