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of <h1>Penalty of Rs. 50,000 under Section 271FAA of Income Tax Act; extra Rs. 5,000 for inaccurate account info.</h1> Under Section 271FAA of the Income Tax Act, a penalty of Rs. 50,000 is levied. Additionally, reporting financial institutions face an extra penalty of Rs. 5,000 per reportable account if inaccuracies in the statement arise from false or inaccurate information provided by the account holder.
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