Penalty increase for failure to furnish financial transaction statements: daily penalties raised for continued default under section 271FA. The amendment raises the daily penalty for failure to furnish the statement of financial transaction or reportable account and likewise increases the higher daily penalty that applies where the statement is not furnished within the period specified in a statutory notice; the increased per-day penalties apply prospectively from the commencement of the specified financial year.
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Penalty increase for failure to furnish financial transaction statements: daily penalties raised for continued default under section 271FA.
The amendment raises the daily penalty for failure to furnish the statement of financial transaction or reportable account and likewise increases the higher daily penalty that applies where the statement is not furnished within the period specified in a statutory notice; the increased per-day penalties apply prospectively from the commencement of the specified financial year.
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