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of <h1>Amendment to Section 271FAA: Penalty for Inaccurate Financial Reporting Now Applies Broadly, Effective September 1, 2019.</h1> Section 271FAA of the Income-tax Act is amended to remove the specific reference to 'clause (k)' of sub-section (1) of section 285BA, thereby extending the penalty for furnishing inaccurate financial transaction statements or reportable accounts to all individuals covered under sub-section (1) of section 285BA. The penalty for such inaccuracies remains at fifty thousand rupees. This amendment is effective from September 1, 2019, broadening the scope of individuals subject to penalties for inaccurate reporting under the specified section.
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