Budget: Amendments clarify penalties for inaccurate info/non-compliance with due diligence under AEoI. Rs. 50K fine for errors/failures. Defense allowed.

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....Income Tax: Proposed amendments to section 271FAA clarify penalty applicability for inaccurate information or non-compliance with due diligence requirements u/s 285BA related to Automatic Exchange of Information framework. Penalty of Rs. 50,000 imposable for furnishing inaccurate statement, failure to comply with due diligence. Section 273B amended to provide reasonable cause defense against penalty under 271FAA. Amendments effective from October 1, 2024.....