TaxTMI 
TaxTMI 
Substitution of new section for section 285BA- Obligation to furnish statement of financial transaction or reportable account
X X X X Extracts X X X X
X X X X Extracts X X X X
....ly:- Obligation to furnish statement of financial transaction or reportable account '285BA. (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 regis....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ies Act, 1996;[ 22 of 1996.] or (k) a prescribed reporting financial institution, who is responsible for registering, or, maintaining books of account or other document containing a record of any specified financial transaction or any reportable account as may be prescribed, under any law for the time being in force, shall furnish a statement in respect of such specified financial transaction ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ng or accepting any loan or deposit, which may be prescribed: Provided that the Board may prescribe different values for different transactions in respect of different persons having regard to the nature of such transaction: 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 thous....
X X X X Extracts X X X X
X X X X Extracts X X X X
....rnish 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 tim....