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of <h1>Amendment to Section 271FAA: 50,000 Penalty for Inaccurate or Late Income-tax Statements from October 2024.</h1> Clause 79 of the Finance (No. 2) Bill, 2024, proposes an amendment to section 271FAA of the Income-tax Act, 1961. The amendment revises sub-section (1) to impose a penalty of fifty thousand rupees on individuals required to furnish statements under section 285BA if they provide inaccurate information or fail to submit correct details within the specified period. It also applies to those who do not meet due diligence requirements. The prescribed income-tax authority can enforce this penalty, effective from October 1, 2024.
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