Obligation to furnish statement of financial transaction or reportable account

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....er General as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898 (6 of 1898) ; or (g) the Collector referred to in clause (g) of section 3 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (30 of 2013) ; or (h) the recognised stock exchange referred to in clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) ; or (i) an officer of the Reserve Bank of India, constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934) ; or (j) a depository referred to in clause (e) of sub-section (1) of section 2 of the Depositories Act, 1996 (22 of 1996) ; or ^3[(k) a prescri....

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....e of such transaction: ^4[****] (4) Where the prescribed income-tax authority considers that the statement furnished under sub-section (1) is defective, he may intimate the defect to the person who has furnished such statement and give him an opportunity of rectifying the defect within a period of thirty days from the date of such intimation or within such further period which, on an application made in this behalf, the said income-tax authority may, in his discretion, allow; and if the defect is not rectified within the said period of thirty days or, as the case may be, the further period so allowed, then, notwithstanding anything contained in any other provision of this Act, ^5[the provisions of this Act shall apply as if such perso....

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....63 of the Finance (No. 2) Act, 2004 w.e.f. 01-04-2005 before it was read as,  "285BA. Annual information return.-Any assessee, who enters into any financial transaction, as may be prescribed, with any other person, shall furnish, within the prescribed time, an annual information return in such form and manner, as may be prescribed, in respect of such financial transaction entered into by him during any previous year." Earlier, Inserted vide Section 98 of the Finance Act, 2003 w.e.f. 01-04-2004 2. Substituted vide Section 76 of the Finance (No. 2) Act, 2014 w.e.f. 01-04-2015 before it was read as, "^1[Obligation to furnish annual information return. 285BA. (1) Any person, being- ....

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....and information relating to which is relevant and required for the purposes of this Act, to the prescribed income-tax authority or such other authority or agency as may be prescribed. (2) The annual information return referred to in sub-section (1) shall be furnished within the prescribed time after the end of such financial year, in such form and manner (including on a floppy, diskette, magnetic cartridge tape, CD-ROM or any computer readable media) as may be prescribed. (3) For the purposes of sub-section (1), "specified financial transaction" means any- (a) transaction of purchase, sale or exchange of goods or property or right or interest in a property; or (b) transaction for rendering any service; or....