What are the consequences of not filing statement of financial transaction or reportable account?

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....Questions (FAQs)<br>Income Tax<br>Ans. Non-furnishing of statement of financial transaction or reportable account will attract penalty under section 271FA. Penalty can be levied of Rs. 500 per day of ....

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.... penalty of Rs. 1,000 per day will be levied from the day immediately following the day on which the time specified in such notice for furnishing the statement expires.&#8203; Further, with effect fr....