Section 285BA of Income Tax Act "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 registering authority empowered to register motor
vehicles under Chapter IV of the Motor Vehicles Act, 1988
(59 of 1988) ; or
(f) the Post Master General as referred to in clause (j)
of section 2 of the Indian Post Office Act, 1898 (6 of 1898)
; or
(g) the Collector referred to in clause (g) of section 3 of
the Right to Fair Compensation and Transparency in Land
Acquisition, Rehabilitation and Resettlement Act, 2013 (30
of 2013) ; or
(h) the recognised stock exchange referred to in clause (f)
of section 2 of the Securities Contracts (Regulation) Act,
1956 (42 of 1956) ; or
(i) an officer of the Reserve Bank of India, constituted
under section 3 of the Reserve Bank of India Act, 1934 (2 of
1934) ; or
(j) a depository referred to in clause (e) of sub-section
(1) of section 2 of the Depositories Act, 1996 (22 of 1996)
; or
29[(k) a prescribed reporting financial institution; or
(l) a person, other than those referred to in clauses (a) to
(k), as may be prescribed,]
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 or such reportable account
which is registered or recorded or maintained by him and
information relating to which is relevant and required for
the purposes of this Act, to the income-tax authority or
such other authority 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 contract; or
(d) transaction by way of an investment made or an
expenditure incurred; or
(e) transaction for taking 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.
30[***]
(4) Where the prescribed income-tax authority considers that
the statement furnished under sub-section (1) is defective,
he may intimate the defect to the person who has furnished
such statement and give him an opportunity of rectifying the
defect within a period of thirty days from the date of such
intimation or within such further period which, on an
application made in this behalf, the said income-tax
authority may, in his discretion, allow; and if the defect
is not rectified within the said period of thirty days or,
as the case may be, the further period so allowed, then,
notwithstanding anything contained in any other provision of
this Act, 31[the provisions of this Act shall apply as if
such person had furnished inaccurate information in 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-section (5), comes to know or discovers any inaccuracy
in the information provided in the statement, he shall
within a period of ten days inform the income-tax authority
or other authority or agency referred to in sub-section (1),
the inaccuracy in such statement and furnish the correct
information in such manner as may be prescribed.
(7) The Central Government may, by rules made under this
section, specify-
(a) the persons referred to in sub-section (1) to be
registered with the prescribed income-tax authority;
(b) the nature of information and the manner in which such
information shall be maintained by the persons referred to
in clause (a); and
(c) the due diligence to be carried out by the persons for
the purpose of identification of any reportable account
referred to in sub-section (1).
287. (1) If the Central Government is of opinion that it
is necessary or expedient in the public interest to publish
the names of any assessees and any other particulars
relating to any proceedings or prosecutions under this Act
in respect of such assessees, it may cause to be published
such names and particulars in such manner as it thinks fit.
(2) No publication under this section shall be made in
relation to any penalty imposed under this Act until the
time for presenting an appeal to the Commissioner (Appeals)
has expired without an appeal having been presented or the
appeal, if presented, has been disposed of.
Explanation.-In the case of a firm, company or other
association of persons, the names of the partners of the
firm, directors, managing agents, secretaries and
treasurers, or managers of the company, or the members of
the association, as the case may be, may also be published
if, in the opinion of the Central Government, the
circumstances of the case justify it.