Penalty for failure to furnish financial transaction statements: Rs1000 per day, capped at Rs100000 after notice. Where a person required to furnish a statement of financial transaction or reportable account under section 508(1) fails to do so within the period specified in a notice under section 508(7), the prescribed income tax authority may impose a penalty of Rs. 1,000 per day from the day after the notice period expires, subject to a maximum of Rs. 100,000; the amendment takes effect from 1 April 2026 and applies to tax year 2026-2027 and thereafter.
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 failure to furnish financial transaction statements: Rs1000 per day, capped at Rs100000 after notice.
Where a person required to furnish a statement of financial transaction or reportable account under section 508(1) fails to do so within the period specified in a notice under section 508(7), the prescribed income tax authority may impose a penalty of Rs. 1,000 per day from the day after the notice period expires, subject to a maximum of Rs. 100,000; the amendment takes effect from 1 April 2026 and applies to tax year 2026-2027 and thereafter.
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