https://www.taxtmi.com/acts?id=52001 A fixed penalty of Rs.50,000 applies for furnishing inaccurate information or failing due diligence in statements of financial transactions; reporting financial institutions face an additional Rs.5,000 per inaccurate reportable account when inaccuracies stem from false information supplied by account holders. Institutions may recover or retain amounts paid under the per-account penalty from the relevant account holders. en-us Thu, 14 Aug 2025 18:30:53 +0530 Sat, 31 Jan 2026 13:48:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=52001 A fixed penalty of Rs.50,000 applies for furnishing inaccurate information or failing due diligence in statements of financial transactions; reporting financial institutions face an additional Rs.5,000 per inaccurate reportable account when inaccuracies stem from false information supplied by account holders. Institutions may recover or retain amounts paid under the per-account penalty from the relevant account holders. Act-Rules Income Tax Thu, 14 Aug 2025 18:30:53 +0530 https://www.taxtmi.com/acts?id=52001