https://www.taxtmi.com/acts?id=53205 Where a person required to furnish a statement of financial transaction or reportable account under section 508(1) fails to do so within the period specified in a notice under section 508(7), the prescribed income tax authority may impose a penalty of Rs. 1,000 per day from the day after the notice period expires, subject to a maximum of Rs. 100,000; the amendment takes effect from 1 April 2026 and applies to tax year 2026-2027 and thereafter. en-us Sun, 01 Feb 2026 15:31:21 +0530 Sun, 01 Feb 2026 15:31:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=53205 Where a person required to furnish a statement of financial transaction or reportable account under section 508(1) fails to do so within the period specified in a notice under section 508(7), the prescribed income tax authority may impose a penalty of Rs. 1,000 per day from the day after the notice period expires, subject to a maximum of Rs. 100,000; the amendment takes effect from 1 April 2026 and applies to tax year 2026-2027 and thereafter. Act-Rules Bills Sun, 01 Feb 2026 15:31:21 +0530 https://www.taxtmi.com/acts?id=53205