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<h1>Penalty for inaccurate reporting extended to all persons covered under subsection (1) of section 285BA by amendment to section 271FAA.</h1> The amendment broadens the penalty for furnishing an inaccurate statement of financial transaction or reportable account by removing a limiting reference so that the penalty applies to all persons falling within the statutory reporting-obligation category rather than only a narrower subset, with a specified commencement date for operation.