Substitution of new section for section 285BA

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....rn.-(1) Any person, being- (a) an assessee; or (b) the prescribed person in the case of an office of Government; or (c) a local authority or other public body or association; or (d) the Registrar or Sub-Registrar appointed under section 6 of the Registration Act, 1908 (16 of 1908); or (e) the registering authority empowered to register motor vehicles under Chapter IV of the Motor Ve....

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....ial transaction, under any law for the time being in force, shall furnish an annual information return, in respect of such specified financial transaction which is registered or recorded by him during any financial year beginning on or after the 1st day of April, 2004 and information relating to which is relevant and required for the purposes of this Act, to the prescribed income-tax authority or ....

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.... prescribed: Provided that the Board may prescribe different values for different transactions in respect of different persons having regard to the nature of such transactions: Provided further that the value or, as the case may be, the aggregate value of such transactions during a financial year so prescribed shall not be less than fifty thousand rupees. (4) Where the prescribed income-t....