Penalty for furnishing inaccurate statement of financial transaction or reportable account

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..... e for registering, or, maintaining books of account or other document containing a record of any specified financial transaction or any reportable account as may be prescribed, under any law for the time being in force, to furnish a statement in respect of such specified financial transaction or such reportable account to the prescribed income-tax authority. Further, vide Finance (No. 2) Act, 2014 .....

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..... of a false self-certification which in turn leads to furnishing of an incorrect statement under section 285BA. Therefore, there is a need to introduce a provision for penalizing false self-certification in the Act. 3. It is therefore, also proposed to insert a new sub-section (2) in the said section which shall provide that if there is any inaccuracy in the statement of financial transactions s .....

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..... he section 271FAA is the prescribed authority under sub-section (1) of section 285BA. 5. These amendments will take effect from the 1st day of April, 2023. [Clause 114] Full Text : Union Budget 2023-24 + FINANCE Bill, 2023 - FAQ - Frequently Asked Questions, TMI Short Notes , Experts comment, opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagem .....

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