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of <h1>Penalties for Late Filing of Financial Transaction Statements Under Sections 271FA and 285BA of the Income Tax Act.</h1> Section 271FA of the Income Tax Act imposes penalties for failing to submit a Statement of Financial Transaction or Reportable Account as required under Section 285BA(1). Initially, the penalty was 100 per day until March 31, 2018, and increased to 500 per day from April 1, 2018. If the statement is not submitted within the notice period under Section 285BA(5), the penalty was 500 per day until March 31, 2018, and 1,000 per day thereafter. Statements must be filed by specific deadlines, with annual and quarterly schedules outlined for different types of transactions.
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