https://www.taxtmi.com/acts?id=51999 Penalty is leviable where a person required to furnish a statement of financial transaction or reportable account under section 508(1) fails to comply within the period specified in a notice issued under section 508(7). The prescribed income-tax authority may impose a daily penalty for each day the default continues, beginning from the day after the notice period expires. The penalty is subject to a statutory maximum and applies to failure after notice. en-us Thu, 14 Aug 2025 18:30:10 +0530 Mon, 06 Apr 2026 14:30:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=51999 Penalty is leviable where a person required to furnish a statement of financial transaction or reportable account under section 508(1) fails to comply within the period specified in a notice issued under section 508(7). The prescribed income-tax authority may impose a daily penalty for each day the default continues, beginning from the day after the notice period expires. The penalty is subject to a statutory maximum and applies to failure after notice. Act-Rules Income Tax Thu, 14 Aug 2025 18:30:10 +0530 https://www.taxtmi.com/acts?id=51999