<s>[INST] What is statement of financial transaction or reportable account (previously called as 'Annual Information Return (AIR)'? [/INST] ​​​​​​​​​As per section 28​5​BA of the Income-tax Act, 1961 specified entities (Filers) are required to furnish a statement of financial transaction or reportable account (hereinafter referred to as 'statement') in respect of specified financial transactions or any reportable account registered/recorded/maintained by them during the financial year to the income-tax authority or such other prescribed authority. </s>