under sub-section (1) of section 285BA, fails to furnish such [statement] [Substituted by Act 25 of 2014 , section 70, 'return ... period specified in the notice issued under sub-section (5) of section 285BA, he shall pay, by way of penalty, a sum of [one hundred
Section 285BA in The Income Tax Act, 1961
285BA. [ Obligation to furnish statement of financial transaction or reportable account. [Substituted by Finance
Finance (No. 2) Act, 2014
76. Substitution of new section for section 285BA.
- For section 285BA of the Income-tax Act, the following section shall ... substituted with effect from the 1st day of April, 2015, namely:- '285BA. Obligation to furnish statement of financial transaction or reportable account. - (1) Any person
person referred to in clause (k) of sub-section (1) of section 285BA, who is required to furnish a statement under that section, provides inaccurate ... with the due diligence requirement prescribed under sub-section (7) of section 285BA or is deliberate on the part of that person
Finance Act, 2020
103. Insertion of new section 285BB.
- After section 285BA of the Income-tax Act, the following section shall be inserted with effect
person referred to in clause (k) of sub-section (1) of section 285BA, who is required to furnish a statement under that section, provides inaccurate ... with the due diligence requirement prescribed under sub-section (7) of section 285BA or is deliberate on the part of that person
income-tax authority referred to in sub-section (1) of the section 285BA of Income-tax Act, 1961 (43 of 1961) or such other authority ... agency which is prescribed under sub-section (1) of section 285BA shall electronically transmit a copy of statement received by it under sub-section
furnished under clause (k) of sub section (1) of section 285BA shall be furnished by a reporting financial institution in respect of each account which ... financial institution to ensure overall compliance with the obligations imposed under section 285BA and the rules made thereunder and includes- (i) the Managing Director
financial transaction required to be furnished under sub-section (1) of section 285BA of the Act shall be furnished in respect of a financial year ... regulator and ensure compliance with the obligations imposed under section 285BA of the Act and rules 114B to 114D and this rule. Explanation 1. - "Designated
reportable account referred to in sub-section (1). [ Similar to Section 285BA from The Income Tax Act, 1961 - Also Refer
