https://www.taxtmi.com/acts?id=3428 A continuing daily monetary sanction attaches where a person required to furnish a statement of financial transaction or reportable account fails to submit it within the prescribed time; the tax authority may direct a daily penalty for each day of default, and a higher daily rate applies if the statement remains unfurnished beyond the period specified in a formal notice, with the enhanced penalty accruing from the day after that notice period expires. en-us Sat, 19 Jan 2008 22:45:54 +0530 Thu, 07 Aug 2025 15:03:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=3428 A continuing daily monetary sanction attaches where a person required to furnish a statement of financial transaction or reportable account fails to submit it within the prescribed time; the tax authority may direct a daily penalty for each day of default, and a higher daily rate applies if the statement remains unfurnished beyond the period specified in a formal notice, with the enhanced penalty accruing from the day after that notice period expires. Act-Rules Income Tax Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=3428