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 inaccurate financial statements: reporting institutions face per-account liability and may recover amounts from account holders. The prescribed income-tax authority under section 508 may impose a penalty of fifty thousand rupees on persons required to furnish statements who provide ... Summary
Penalty for inaccurate financial statements: reporting institutions face per-account liability and may recover amounts from account holders.
The prescribed income-tax authority under section 508 may impose a penalty of fifty thousand rupees on persons required to furnish statements who provide inaccurate information, fail to correct it, or fail to meet due diligence requirements; additionally, a reporting financial institution may be directed to pay an additional per-account sum for each inaccurate reportable account caused by false or inaccurate information from the account holder, and may recover or retain amounts so paid from those account holders.
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