Association of persons or body of individuals or artificial juridical person formed for a particular event or purpose - Income Tax Bill, 2025 - Old Version
Association of persons or body of individuals or artificial juridical person formed for a particular event or purpose - Income Tax Bill, 2025 - Old Version
Penalty for failure to furnish statement of financial transaction escalates after notice period, with daily sanctions enforced. The provision prescribes daily monetary sanctions for failure to furnish a statement of financial transaction or reportable account, establishing an ... Summary
Penalty for failure to furnish statement of financial transaction escalates after notice period, with daily sanctions enforced.
The provision prescribes daily monetary sanctions for failure to furnish a statement of financial transaction or reportable account, establishing an initial per-day penalty for delay beyond the prescribed time and an increased per-day penalty that begins if the statement is not furnished within the period specified in a notice issued under the governing provision. Liability to impose these sanctions is vested in the designated income-tax authority.
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