Crypto-asset transactions: penalties include Rs.200/day for late statements and Rs.50,000 for inaccurate or inadequate due diligence. Substitution of section 446 imposes a Rs. 200 daily penalty for failure to furnish a prescribed statement on crypto-asset transactions and authorises a Rs. 50,000 penalty where the filer provides inaccurate information and fails to correct it or fails to comply with the due diligence requirement, with penalties imposed by the prescribed income-tax authority.
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Provisions expressly mentioned in the judgment/order text.
Crypto-asset transactions: penalties include Rs.200/day for late statements and Rs.50,000 for inaccurate or inadequate due diligence.
Substitution of section 446 imposes a Rs. 200 daily penalty for failure to furnish a prescribed statement on crypto-asset transactions and authorises a Rs. 50,000 penalty where the filer provides inaccurate information and fails to correct it or fails to comply with the due diligence requirement, with penalties imposed by the prescribed income-tax authority.
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