#Kitaria fables platforms registration#

The Central Government may, by rules made under this section, specify:ДЄ) The persons referred to in sub-section (1) to be registered with the prescribed income-tax authority,Д«) The nature of information and the manner in which such information shall be maintained by the persons referred to in clause (a), andД¬) 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).Д«. On furnishing the statement under sub вЂ“ section (1) or (5) above, he (assessee) discovers any inaccuracy in the information provided in the statement he shall intimate the same to the income-tax authority or other authority or agency and shall furnish the correct information in the manner as may be prescribed. Such further period allowed by the income tax authority on considering the application made by the assessee in this behalf.Д¬) If the defect is not verified even after the time period allowed (in (b) above) then the provision of this Act (Income Tax Act 1961) shall apply as if such person had furnished inaccurate information in the statement.Д¬onsequences if the assessee does not furnishes the statement within 31 st May, of the immediate following Financial Year:ДЄ) The Income tax authority may serve a notice requesting the assessee to furnish the statement within 30 days from the date of issuing such notice and the assessee shall furnish the statement within the time specified in the notice. Where the statement furnished under sub вЂ“ section (1) is found defective by Income вЂ“ tax authority then:ДЄ) He (Income вЂ“ tax authority) may intimate the same to the specified person (who has filed form 61A).Д«) The assessee would get an opportunity for rectifying the defect within 30 days

Provided that the board (CBDT) may prescribe different values for different transactions in respect of different persons having regard to the nature of such transaction. Which may be prescribed by the Board in this regard. вЂњSpecified financial transactionвЂќ means any Transaction involving:ДЄ) Purchase, sale or exchange of goods or property or right or interest in a property, orД) The investment made or an expenditure incurred, orД®) 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,

#Kitaria fables platforms 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.ДЄ) An assessee as specified under Section 2(7) of Income Tax Act, 1961,Д«) The prescribed person in the case of an office of Government,Д¬) A local authority or other public body or association,Д) Registrars or Sub-Registrars appointed under section 6 of the registration Act, 1908,Д®) Motor Vehicles registration authority as specified under Chapter IV of the Motor Vehicles Act, 1988,ДЇ) 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 вЂ“ Section Specified Financial Transactions and Reportable AccountsДЄ.