Penalty for inaccurate financial-account reporting: authority under section 285BA to impose fines; reporting institutions may recover amounts from account holders.

Amendment assigns the power to impose the penalty for inaccurate statements of financial transactions or reportable accounts to the income tax authority under subsection (1) of section 285BA and adds a new sub section making the reporting financial institution liable to pay an additional per account penalty where inaccuracies result from information supplied by reportable account holders; the reporting institution may recover or retain the amount from the account holder. The amendment is effective from 1 April, 2023.

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