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of <h1>Income Tax Bill 2025 Clause 454 maintains Rs. 500-1,000 daily penalties for missing financial transaction statements</h1> The Income Tax Bill 2025's Clause 454 replaces Section 271FA of the Income-tax Act 1961, maintaining identical penalty structures for failing to furnish financial transaction statements. Both provisions impose Rs. 500 daily penalties for initial non-compliance and Rs. 1,000 daily penalties after formal notice. The clause applies to entities required to report under Section 508(1), including banks and financial institutions. While substantively unchanged, the new provision updates section references and modernizes language. A potential concern is the absence of explicit 'reasonable cause' exemption language present in the current law, which may require clarification to ensure taxpayer protections remain intact.
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