https://www.taxtmi.com/news?id=13064 Prescribed reporting financial institutions must furnish a statement of information for specified financial transactions and reportable accounts in the prescribed time, form and manner; they must notify the income-tax authority of any inaccuracy and furnish corrected information within ten days. The Central Government may prescribe registration, information maintenance norms and due diligence for identifying reportable accounts. Penalty rules are extended to failure to furnish statements and a new provision permits a penalty where inaccuracies result from failure of due diligence, deliberate action, or failure to disclose or correct known inaccuracies. en-us Sun, 13 Jul 2014 16:36:12 +0530 Sun, 13 Jul 2014 16:36:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=13064 Prescribed reporting financial institutions must furnish a statement of information for specified financial transactions and reportable accounts in the prescribed time, form and manner; they must notify the income-tax authority of any inaccuracy and furnish corrected information within ten days. The Central Government may prescribe registration, information maintenance norms and due diligence for identifying reportable accounts. Penalty rules are extended to failure to furnish statements and a new provision permits a penalty where inaccuracies result from failure of due diligence, deliberate action, or failure to disclose or correct known inaccuracies. News - Sun, 13 Jul 2014 16:36:12 +0530 https://www.taxtmi.com/news?id=13064