TaxTMI Login
Just a moment...
By creating an account you can:
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All TMI Notes
of of All TMI Notes
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Act mandates Rs.50,000 penalty for incorrect due diligence and Rs.5,000 per account, allowing institutions to recover sums</h1> The provision imposes a Rs.50,000 penalty on persons required to furnish statements under the linked reporting section for inaccurate information or failure to correct or complete required due diligence, and levies an additional Rs.5,000 per inaccurate reportable account on reporting financial institutions where inaccuracies arise from false account-holder information; institutions may recover or retain those sums from account-holders. The Bill originally allowed discretion to the tax authority ('may direct') to impose the per-account penalty, whereas the enacted Act makes imposition mandatory ('shall direct'), increasing certainty and enforcement pressure on reporting institutions.
TaxTMI 
TaxTMI 