law: The Income-Tax Act, 1961
  2[285. Submission of statement by a non-resident having liaison office.-
  Every person, being a non-resident having a liaison office in India set up in accordance with the guidelines issued by the Reserve Bank of India under the Foreign Exchange Management Act, 1999 (42 of 1999), shall, in respect of its activities in a financial year, prepare and deliver or cause to be delivered to the Assessing Officer having jurisdiction, within sixty days from the end of such financial year, a statement in such form and containing such particulars as may be prescribed.]
  2. Ins. by Act 8 of 2011, s. 32 (w.e.f. 1-6-2011). Earlier it was omitted by Act 11 of 1987, s. 71, (w.e.f. 1-6-1987).
  3[285A. Furnishing of information or documents by an Indian concern in certain cases.-
  Where any share of, or interest in, a company or an entity registered or incorporated outside India derives, directly or indirectly, its value substantially from the assets located in India, as referred to in Explanation 5 to clause (i) of sub-section (1) of section 9, and such company or, as the case may be, entity, holds, directly or indirectly, such assets in India through, or in, an Indian concern, then, such Indian concern shall, for the purposes of determination of any income accruing or arising in India under clause (i) of sub-section (1) of section 9, furnish within the prescribed period to the prescribed income-tax authority the information or documents, in such manner, as may be prescribed.]
  3. Ins. by Act 20 of 2015, s. 78 (w.e.f. 1-4-2016). Earlier it was inserted by Act 31 of 1964, s. 18, (w.e.f. 6-10-1964) and later amended by the Act 41 of 1975, s. 76, (w.e.f. 1-4-1976). And then omitted by 26 of 1988, s. 50 (w.e.f. 1-4-1988).
  4[285B. Submission of statements by producers of cinematograph films.-
  Any person carrying on the production of a cinematograph film during the whole or any part of any financial year shall, in respect of the period during which such production is carried on by him in such financial year, prepare and deliver or cause to be delivered to the 1[Assessing Officer], within thirty days from the end of such financial year or within thirty days from the date of the completion of the production of the film, whichever is earlier, a statement in the prescribed form containing particulars of all payments of over 5[fifty thousand rupees] in the aggregate made by him or due from him to each such person as is engaged by him in such production 6***.]
  4. Ins. by Act 41 of 1975, s. 76 (w.e.f. 1-4-1976).
  5. Subs. by Act 10 of 2000, s. 71, for "twenty-five thousand rupees" (w.e.f. 1-4-2001). Earlier it was subs. by Act 21 of 1998, s. 63, (w.e.f. 1-4-1999).
  6. The words "as employee or otherwise" omitted by Act 13 of 1989, s. 24 (w.e.f. 1-6-1989).
  1[285BA. Obligation to furnish statement of financial transaction or reportable account.-
  (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
  (k) a prescribed reporting financial institution, 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:
  Provided further that the value or, as the case may be, the aggregate value of such transactions during a financial year so prescribed shall not be less than fifty thousand rupees.
  (4) Where the prescribed income-tax authority considers that the statement furnished under subsection (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, such statement shall be treated as an invalid statement and the provisions of this Act shall apply as if such person had failed to furnish 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).]
  1. Subs. by Act 25 of 2014, s. 76, for "section 285BA" (w.e.f. 1-4-2015). Earlier inserted by Act 32 of 2003, s. 98, (w.e.f. 1-4-2005) and later on subs. by Act 23 of 2004, s. 63 (w.e.f. 1-4-2005).