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

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... subsection (1) of section 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[statemen....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ion 285BA, fails to furnish such return within the time prescribed 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....