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of <h1>Union Budget 2024-25: Amendments to Section 271FAA to Align with AEOI, Clarify Penalties for Reporting Failures.</h1> The Union Budget 2024-25 proposes amendments to section 271FAA to align with the Automatic Exchange of Information (AEOI) framework. The amendments clarify that penalties apply if inaccurate information is furnished in financial statements or due diligence requirements are not met, as outlined in section 285BA. The Global Forum on Transparency noted that current penalties do not cover all cases of due diligence failures unless incorrect reporting occurs. The proposed changes also amend section 273B to exempt penalties if the assessee demonstrates a reasonable cause for failure. These amendments are effective from October 1, 2024.
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