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of <h1>Income Tax Act: Penalty for Late Statement Submission Under Section 271FA Increases to Rs. 1,000 Per Day After Notice Period.</h1> Under Section 271FA of the Income Tax Act, a penalty of Rs. 500 per day is imposed for failing to furnish a required statement by the due date. If the statement is not submitted within the specified period after receiving a notice from tax authorities, the penalty increases to Rs. 1,000 per day starting from the day after the notice period expires.
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