When penalty under Section 271FAA may be imposed?

When penalty under Section 271FAA may be imposed? https://www.taxtmi.com/manuals?id=3631 Penalty under Section 271FAA applies where inaccurate information is furnished in the Statement of Financial Transaction or Reportable Account due to failure to comply with due diligence, deliberate action, false information from an account holder, knowledge of inaccuracy without informing authorities, or failure to correct after discovery within the short prescribed period; a reasonable-cause defence may preclude penalty. en-us Thu, 14 Dec 2023 14:45:00 +0530 Fri, 29 Aug 2025 13:14:00 +0530 TaxTMI RSS Generator When penalty under Section 271FAA may be imposed? https://www.taxtmi.com/manuals?id=3631 Penalty under Section 271FAA applies where inaccurate information is furnished in the Statement of Financial Transaction or Reportable Account due to failure to comply with due diligence, deliberate action, false information from an account holder, knowledge of inaccuracy without informing authorities, or failure to correct after discovery within the short prescribed period; a reasonable-cause defence may preclude penalty. Manuals Income Tax Thu, 14 Dec 2023 14:45:00 +0530 https://www.taxtmi.com/manuals?id=3631