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of <h1>Section 271FAA: Penalties for Inaccurate Financial Statements Under Section 285BA(1) Increase for Institutions and Individuals</h1> Section 271FAA of the Income Tax Act imposes penalties for furnishing inaccurate statements of financial transactions or reportable accounts. Effective from April 1, 2015, individuals required to submit such statements under Section 285BA(1) face a penalty of 50,000 for inaccuracies or failure to comply with due diligence requirements. From April 1, 2023, reporting financial institutions providing false information due to inaccurate data from account holders will incur an additional penalty of 5,000 per inaccurate account. These institutions can recover the penalty amount from the account holders responsible for the inaccuracies.
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