Penalty for furnishing inaccurate Statement of Financial Transaction or Reportable Account - Section 271FAA

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....il, 2015 * From 01.10.2024 - If a person referred to in section 285BA(1), who is required to furnish a statement under that section,-- (a) provides inaccurate information in the statement or fails to furnish correct information within the period specified under section 285BA(6); or (b) fails to comply with the due diligence requirement prescribed under section 285BA(7), then, the prescribed i....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....f financial transaction or reportable account is furnished and fails to inform and furnish correct information within the time specified under Section 285BA(6) * Then, the prescribed income-tax authority may direct that such person shall pay, by way of penalty, a sum of ₹50,000/-. [ Section 271FAA(1) ] * w.e.f. 01.04.2023 Where in the case of a person, a prescribed reporting financial in....