Which may be prescribed by the Board in this regard.
“Specified financial transaction” means any Transaction involving:Ī) Purchase, sale or exchange of goods or property or right or interest in a property, orĭ) The investment made or an expenditure incurred, orĮ) Taking or accepting any loan or deposit. The statement referred to in sub-section (1) shall be furnished electronically in Form 61A(Form 61B in the case of Financial institution)on or before 31 st May immediately following the Financial Year (FY) in which the transactions are registered or recorded. L) A person, other than those referred above. K) Any prescribed reportable financial Institution J) A Depository referred to in the Depositories Act, 1996 I) An officer of Reserve Bank of India (RBI) H) Recognized stock exchanges referred to in of the Securities Contracts (Regulation) Act, 1956, G) Collector in case of Land acquisitions Rehabilitation and Resettlement Act, 2013,
#Financial transaction registration
Specified Person 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.Ī) An assessee as specified under Section 2(7) of Income Tax Act, 1961,ī) The prescribed person in the case of an office of Government,Ĭ) A local authority or other public body or association,ĭ) Registrars or Sub-Registrars appointed under section 6 of the registration Act, 1908,Į) Motor Vehicles registration authority as specified under Chapter IV of the Motor Vehicles Act, 1988,į) The Post Master General as referred to in the Indian Post Office Act, 1898, Section 285 BA: Obligation to furnish statement of financial transaction or reportable account: Sub – Section Specified Financial Transactions and Reportable AccountsĪ.