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of <h1>Finance Bill 2023 amends Income-tax Act: New penalties for inaccurate financial statements under section 271FAA. Effective April 1, 2023.</h1> Clause 114 of the Finance Bill, 2023, amends section 271FAA of the Income-tax Act. It renumbers the section as sub-section (1) and specifies that the income-tax authority under section 285BA(1) may impose a penalty of fifty thousand rupees for furnishing inaccurate financial statements. A new sub-section (2) is introduced, imposing an additional penalty of five thousand rupees per inaccurate reportable account on reporting financial institutions if inaccuracies arise from false information provided by account holders. The institution may recover this penalty from the account holder. These amendments are effective from April 1, 2023.
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