Insertion of new section 271FAA- Penalty for furnishing inaccurate statement of financial transaction or reportable account

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....furnishing inaccurate statement of financial transaction or reportable account           "271FAA. If a person referred to in clause (k) of sub-section (1) of section 285BA, who is required to furnish a statement under that section, provides inaccurate information in the statement, and where--           ....

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....ay direct that such person shall pay, by way of penalty, a sum of fifty thousand rupees.". - Clause 66 of the Bill seeks to insert a new section 271FAA in the Income-tax Act to provide for penalty for furnishing inaccurate statement of financial transaction or reportable account.           It is proposed to insert a new section 271FAA so as to p....