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of <h1>Finance Bill 2018 Amendment: Increased Penalties for Late Submission of Financial Statements Under Section 271FA</h1> Clause 51 of the Finance Bill, 2018, proposes an amendment to section 271FA of the Income-tax Act, which addresses penalties for failing to furnish a statement of financial transactions or reportable accounts. The amendment increases the penalty from one hundred rupees to five hundred rupees per day for failing to submit within the prescribed time. Additionally, if the statement is not furnished within the notice period specified under section 285BA(5), the penalty increases from five hundred rupees to one thousand rupees per day. This amendment is effective from April 1, 2018.
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