Penalty for failure to furnish Statement of Financial Transaction or Reportable Account - Section 271FA - Income Tax - Ready Reckoner - Income Tax

Penalty for failure to furnish Statement of Financial Transaction or Reportable Account - Section 271FA This section Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005 . If a person who is required to furnish a statement of financial transaction or reportable account under Section 285BA(1) , fails to furnish such statement within the time prescribed under Section 285BA(2) t hereof, the income-tax authority prescribed under said Section 285BA(1) may direct that such person shall pay,by way of penalty Upto 31.03.2018 a sum of Rs. 100/- for every day during which such failure continues From 01.04.2018 , a sum of Rs. 500/- for every day during which such failure continues. Where such person fails to furnish the statement within the period specified in the notice issued under Section 285BA(5) , he shall pay, by way of penalty, Upto 31.03.2018 a sum of Rs. 500/- for every day during which the failure continues From 01.04.2018 a sum of Rs. 1,000 for every day during which the failure continues, beginning from the day immediately following the day on which the time specified in such notice for furnishing the statement expires. Time Limit for furnishing Statement [ Section 285(2) read with Rule 114E ] The statement of financial transactions referred to rule 144E(1) shall be furnished on or before the 31st May , immediately following the financial year in which the transaction is registered or recorded. The statement of financial transaction in respect of the transactions listed at serial number (12) and serial number (13) in the Table under rule 114E(2), shall be furnished on or before the 31st day of January, 2017. The Information relating to capital gain on transfer of Listing securities or units of Mutual Fund The statement of financial transactions relating to Financial Year 2020-21 shall be furnished on or before the 31st May 2021. Thereafter, the statement of financial transactions relating to the quarter ending 30th June, 31st September, 31st December and 31st March shall be furnished on or before 25th of July, October, January and April respectively. [ Notification No. 4 of 2021 Dated 30.04.2021 ]