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of <h1>Section 271FAA Amended: Penalty Imposed for Inaccurate or Non-compliant Income Statement Under Section 285BA, Effective October 2024.</h1> Section 271FAA of the Income-tax Act has been amended by the Finance (No. 2) Act, 2024, effective October 1, 2024. The revised provision states that if a person required to furnish a statement under section 285BA provides inaccurate information or fails to provide correct information within the specified period, or does not comply with due diligence requirements, the prescribed income-tax authority may impose a penalty of fifty thousand rupees.
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