Penalty for inaccurate or incomplete transaction reporting may be imposed for failure to correct statements or meet due diligence requirements. If a person required to furnish a statement of financial transactions or reportable accounts provides inaccurate information, fails to furnish correct information within the specified period, or fails to comply with the prescribed due diligence requirement, the prescribed income-tax authority may direct that the person pay a fixed penalty of fifty thousand rupees.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Penalty for inaccurate or incomplete transaction reporting may be imposed for failure to correct statements or meet due diligence requirements.
If a person required to furnish a statement of financial transactions or reportable accounts provides inaccurate information, fails to furnish correct information within the specified period, or fails to comply with the prescribed due diligence requirement, the prescribed income-tax authority may direct that the person pay a fixed penalty of fifty thousand rupees.
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