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of <h1>Penalty of ₹50,000 for inaccurate financial transaction reports under Income Tax Act Section rules applies to reporters and account holders</h1> A person required to furnish a statement of financial transactions or reportable accounts under the Income Tax Act who provides inaccurate information, fails to correct inaccuracies within the prescribed period, or does not comply with due diligence requirements may be liable to pay a penalty of fifty thousand rupees. If the inaccuracy arises from false information provided by account holders, the reporting financial institution must pay an additional penalty of five thousand rupees per inaccurate account, recoverable from the respective account holders. The penalty applies where inaccuracies are deliberate, known but undisclosed at the time of furnishing, or discovered later without timely correction. The prescribed income-tax authority has the power to impose these penalties to ensure accurate reporting and compliance under the relevant statutory provisions.
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