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of <h1>Clause 455: Penalties for Inaccurate Financial Statements in Income Tax Bill 2025; Fines for Individuals and Institutions.</h1> Clause 455 of the Income Tax Bill, 2025, imposes penalties for furnishing inaccurate statements of financial transactions or reportable accounts. A penalty of fifty thousand rupees may be levied on individuals who provide inaccurate information or fail to comply with due diligence requirements under section 508. Additionally, reporting financial institutions may incur a penalty of five thousand rupees per inaccurate account if inaccuracies arise from false information provided by account holders. Institutions can recover or retain the penalty amount from the account holder's funds.
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