Penalty for inaccurate reporting extended to all persons covered under subsection (1) of section 285BA by amendment to section 271FAA. The amendment broadens the penalty for furnishing an inaccurate statement of financial transaction or reportable account by removing a limiting reference ... Summary
Penalty for inaccurate reporting extended to all persons covered under subsection (1) of section 285BA by amendment to section 271FAA.
The amendment broadens the penalty for furnishing an inaccurate statement of financial transaction or reportable account by removing a limiting reference so that the penalty applies to all persons falling within the statutory reporting-obligation category rather than only a narrower subset, with a specified commencement date for operation.
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