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of <h1>Income Tax Bill 2025 Clause 455 imposes 50,000 penalties for inaccurate financial reporting and compliance failures</h1> The Income Tax Bill 2025's Clause 455 introduces penalties for inaccurate financial reporting, largely mirroring Section 271FAA of the Income Tax Act 1961. The provision imposes a 50,000 penalty on entities providing inaccurate statements or failing due diligence requirements under Section 508. Financial institutions face additional 5,000 penalties per inaccurate reportable account when errors stem from account holder misrepresentations. Institutions can recover these penalties from responsible account holders through direct recovery or fund retention. The clause aims to ensure accurate financial reporting, prevent tax evasion, and facilitate international information exchange while maintaining accountability mechanisms that allocate liability to the party at fault.
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