https://www.taxtmi.com/news?id=19579 Failure to furnish a statement of financial transaction or a reportable account attracts a daily continuing default penalty: an initial daily penalty for late filing and a higher daily penalty if not furnished within the period specified in a statutory notice. The Budget proposes to increase both the initial and notice triggered enhanced daily penalties to strengthen compliance with the reporting obligations and specifies an effective date for those increased penalties. en-us Mon, 05 Feb 2018 16:03:30 +0530 Mon, 05 Feb 2018 16:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=19579 Failure to furnish a statement of financial transaction or a reportable account attracts a daily continuing default penalty: an initial daily penalty for late filing and a higher daily penalty if not furnished within the period specified in a statutory notice. The Budget proposes to increase both the initial and notice triggered enhanced daily penalties to strengthen compliance with the reporting obligations and specifies an effective date for those increased penalties. News - Mon, 05 Feb 2018 16:03:30 +0530 https://www.taxtmi.com/news?id=19579