Penalty for failure to furnish statement of financial transaction or reportable account

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....ion 285BA, fails to furnish such 5[statement] within the time prescribed under sub-section (2) thereof, the income-tax authority prescribed under said sub-section (1) may direct that such person shall pay, by way of penalty, a sum of 8[five hundred rupees] for every day during which such failure continues: Provided that where such person fails to furnish the 6[statement] within the period specifi....

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....d under that sub-section, the income-tax authority prescribed under the said sub-section may direct that such person shall pay, by way of penalty, a sum of one hundred rupees for every day during which the failure continues.]" 3. Substituted vide Section 70 of the Finance (No. 2) Act, 2014 w.e.f. 01-04-2015 before it was read as, "annual information return" 4. Substituted vide Section....