[Section 285BA]-Obligation to Furnish Statement of Financial Transaction or Reportable Account

·         (A) Furnishing Statement of Financial Transactions


o    (1) [Section 285BA (1)]- Persons who are obliged to Furnish Statement of Financial Transactions


o    (2) [Section 285BA(2)]- Period for which such statement is to filed, time limit and form of filing the same:


o    (3) [Section 285BA(3)]- Meaning of specified financial transaction:


o    (4) [Section 285BA(4)]- Person to rectify the statement if found defective by income tax authority:


o    (5) [Section 285BA (5)]-Income tax authority may issue notice to file statement if the same has not been filed within the specified time:


o    (6) [Section 285BA (6)]- Person to correct the information on discovery of inaccuracy in the information provided in the statement:

o    (7) [Section 285BA(7)]- The Central Government empowered to make rules in this regard:



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