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Penalty for failure to furnish Statement of Financial Transaction or Reportable Account - Section 271FA - Income Tax - Ready Reckoner - Income TaxExtract 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 ₹ 100/- for every day during which such failure continues From 01.04.2018 , a sum of ₹ 500/- for every day during which such failure continues. Provided that 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 ₹ 500/- for every day during which the failure continues From 01.04.2018 a sum of ₹ 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.
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