Penalty for inaccurate reporting of financial transactions or reportable accounts may be imposed for due diligence failures or nondisclosure. A new section 271FAA imposes a penalty where a person required under clause (k) of sub section (1) of section 285BA furnishes inaccurate information in a statement of financial transaction or reportable account if: (a) the inaccuracy arises from failure to comply with the due diligence requirement in sub section (7) of section 285BA or is deliberate; (b) the person knew of the inaccuracy when furnishing the statement but did not inform the prescribed income tax authority or other agency; or (c) the person discovers the inaccuracy after filing and fails to inform and furnish corrected information within the time specified under sub section (6) of section 285BA. The prescribed income tax authority may direct payment of the penalty.
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Penalty for inaccurate reporting of financial transactions or reportable accounts may be imposed for due diligence failures or nondisclosure.
A new section 271FAA imposes a penalty where a person required under clause (k) of sub section (1) of section 285BA furnishes inaccurate information in a statement of financial transaction or reportable account if: (a) the inaccuracy arises from failure to comply with the due diligence requirement in sub section (7) of section 285BA or is deliberate; (b) the person knew of the inaccuracy when furnishing the statement but did not inform the prescribed income tax authority or other agency; or (c) the person discovers the inaccuracy after filing and fails to inform and furnish corrected information within the time specified under sub section (6) of section 285BA. The prescribed income tax authority may direct payment of the penalty.
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