Substitution of new section for section 285BA - Obligation to furnish statement of financial transaction or reportable account

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....bsp;   (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; or [16 of 1908]           (e) the registering authority empowered to register motor vehicles under Chapter IV of the Motor Vehicles Act, 1988; or [59 of 1988]           (f) the Post Master General as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898; or [6 of 1898] &nbs....

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....ity or agency as may be prescribed.           (2) The statement referred to in sub-section (1) shall be furnished for such period, within such time and in the form and manner, 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           (c) transaction under a works con....

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....valid statement and the provisions of this Act shall apply as if such person had failed to furnish the statement.           (5) Where a person who is required to furnish a statement under sub-section (1) has not furnished the same within the specified time, the prescribed income-tax authority may serve upon such person a notice requiring him to furnish such statement within a period not exceeding thirty days from the date of service of such notice and he shall furnish the statement within the time specified in the notice.           (6) If any person, having furnished a statement under sub-section (1), or in pursuance of a notice issued under sub-....

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....he purposes of the Act to the prescribed income-tax authority.           It is proposed to amend the said section so as to provide for furnishing of statement of information by a prescribed reporting financial institution in respect of any specified financial transaction or reportable account to the prescribed income-tax authority. It is further proposed that the statement of information shall be furnished for such period, within such time, in the form and manner as may be prescribed.           It is also proposed to provide that where any person, who has furnished a statement of information under sub-section (1), or in pursuance of a notice issu....