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of <h1>New Section 271FAA Imposes 50,000 Penalty for Inaccurate Financial Reporting Under Section 285BA of Income-tax Act</h1> Clause 66 of the Finance (No. 2) Bill, 2014 introduces section 271FAA to the Income-tax Act, effective from April 1, 2015. This section imposes a penalty of fifty thousand rupees on individuals required to furnish a statement of financial transaction or reportable account under section 285BA if they provide inaccurate information. Penalties apply if inaccuracies arise from non-compliance with due diligence, are deliberate, or if the individual fails to inform authorities upon discovering inaccuracies. The provision aims to ensure accuracy and accountability in financial reporting.
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