Penalty for failure to comply with statement and due diligence requirements creates directed payment obligation for specified defaults. The amendment to section 271FAA empowers the prescribed income tax authority to direct payment of a fixed penalty where a person required to furnish the statement under section 285BA provides inaccurate information, fails to furnish correct information within the specified period, or fails to comply with the prescribed due diligence requirement; the substituted sub section specifies the penalty as a fixed sum and makes the authority responsible for directing its payment.