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of <h1>Penalty of ₹500 daily for late financial transaction reports under Income Tax Act Section 285BA, increasing to ₹1000 after notice expiry</h1> A person required to furnish a statement of financial transaction or reportable account under the Income Tax Act must do so within the prescribed time. Failure to comply results in a penalty of five hundred rupees for each day the failure continues. If the person does not furnish the statement within the period specified in a notice issued by the income-tax authority, the penalty increases to one thousand rupees per day from the day following the expiry of the notice period. This provision aims to ensure timely submission of financial information for tax compliance.
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