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— official CBDT correspondence
Section 508 — Obligation to furnish statement of financial transaction or reportable account: its source in the Income-tax Act, 1961
Section 508 (Obligation to furnish statement of financial transaction or reportable account) of the Income-tax Act, 2025 corresponds to Section 285BA (Obligation to furnish statement of financial transaction or reportable account) of the Income-tax Act, 1961 as per the official CBDT correspondence.
source provisions · income-tax act, 1961
- Section 285BA — Obligation to furnish statement of financial transaction or reportable account
read both texts · §285BA (1961) vs §508 (2025)
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Source: the CBDT’s official 1961↔2025 correspondence table (incometaxindia.gov.in), captured 2026-07-21. This is a research aid — verify against the official CBDT utility ↗ before professional reliance.
frequently asked
Is Section 508 of the Income-tax Act, 2025 a new provision?
No — it derives from Section 285BA of the Income-tax Act, 1961.
What does Section 508 of the Income-tax Act, 2025 deal with?
Section 508 — "Obligation to furnish statement of financial transaction or reportable account", under CHAPTER XXIII - MISCELLANEOUS of the Income-tax Act, 2025.
— built by nexus
Nexus answers full tax questions the same way — a citation-grounded advisory artifact with verdict, authority chain, computation and drafting, every citation traceable to an official source.
same chapter · chapter xxiii - miscellaneous · income-tax act, 2025
- Section 504 — Service of notice in case of discontinued business
- Section 505 — Submission of statement by a non-resident having liaison office
- Section 506 — Furnishing of information or documents by an Indian concern in certain cases
- Section 507 — Submission of statements by producers of cinematograph films or persons engaged in specified activity
- Section 509 — Obligation to furnish information on transaction of crypto-asset
- Section 510 — Annual information statement
- Section 511 — Furnishing of report in respect of international group
- Section 512 — Publication of information respecting assessees in certain cases
frequently looked up · income-tax act, 2025
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