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of <h1>Income Tax Bill 2025 Clause 508 replaces Section 285BA requiring financial transaction reporting by banks and entities</h1> The Income Tax Bill 2025's Clause 508 replaces Section 285BA of the Income-tax Act 1961, maintaining substantially similar obligations for furnishing statements of financial transactions and reportable accounts. Both provisions require various entities including assessees, government offices, registrars, banks, and stock exchanges to report specified financial transactions to tax authorities. Key similarities include identical reporting entity lists, similar transaction definitions, and rule-based operational frameworks. Notable differences in Clause 508 include updated statutory references reflecting recent legislative changes, modernized language, and enhanced alignment with international reporting standards. The provision aims to enhance tax transparency, enable cross-verification of taxpayer information, and support global information exchange initiatives while maintaining procedural safeguards for defect rectification.
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