Penalty for inaccurate financial transaction statements may be imposed on reporting persons, with additional per-account charge recoverable. Section 271FAA imposes a penalty where a person required to furnish a statement under section 285BA provides inaccurate information, fails to furnish ... Summary
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Penalty for inaccurate financial transaction statements may be imposed on reporting persons, with additional per-account charge recoverable.
Section 271FAA imposes a penalty where a person required to furnish a statement under section 285BA provides inaccurate information, fails to furnish correct information within the specified period, or fails to comply with prescribed due diligence; the income-tax authority may direct payment of fifty thousand rupees. For a reporting financial institution, an additional penalty of five thousand rupees per inaccurate reportable account may be directed, which the institution may recover from or retain on behalf of the account holder.
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