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Who is required to furnish statement of financial transactions and reportable accounts?​

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Who is required to furnish statement of financial transactions and reportable accounts?​
posted Jun 23, 2017 by Kavana Gowda

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1 Answer

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​​​Following persons shall be required to furnish statement of financial transactions or reportable accounts registered or recorded or maintained by them during a financial year to the prescribed authority:

​(a) an assessee;

(b) the prescribed person in the case of an office of Government;

(c) a local authority or other public body or association;

(d) the Registrar or Sub-Registrar appointed under section 6 of the Registration Act, 1908 (16 of 1908);

(e) the registering authority empowered to register motor vehicles under Chapter IV of the Motor Vehicles Act, 1988 (59 of 1988);

(f) the Post Master General as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898 (6 of 1898);

(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);

(h) the recognised stock exchange referred to in clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956);

(i) an officer of the Reserve Bank of India, constituted under section 3​ of the Reserve Bank of India Act, 1934 (2 of 1934);

(j) a depository referred to in clause (e) of sub-section (1) of section 2 of the Depositories Act, 1996 (22 of 1996); or

(k) a prescribed reporting financial institutions

answer Jun 24, 2017 by Divya Shree
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