Obligation to furnish financial transaction statements: mandated reporting, rectification rules and due diligence for tax compliance. Section 508 mandates that specified persons who register or maintain records of prescribed financial transactions or reportable accounts must furnish statements of such transactions/accounts to the prescribed income-tax authority or agency in the prescribed form, manner and time. It defines specified financial transactions, authorises differentiated value thresholds, and requires prescribed persons to maintain information and carry out due diligence. Procedural rules permit the authority to require rectification of defects within thirty days, treat unrectified defects as inaccurate reporting, issue notices to compel late filing, and compel correction of discovered inaccuracies within ten days.