TMI BlogPenalty for failure to furnish statement of financial transaction or reportable accountX X X X Extracts X X X X X X X X Extracts X X X X ..... subsection (1) of section 285BA, fails to furnish such 5 [statement] within the time prescribed under sub-section (2) thereof, the income-tax authority prescribed under said sub-section (1) may direct that such person shall pay, by way of penalty, a sum of 8 [five hundred rupees] for every day during which such failure continues: Provided that where such person fails to furnish the 6 [s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uired under sub-section (1) of section 285BA, fails to furnish such return within the time prescribed under that sub-section, the income-tax authority prescribed under the said sub-section may direct that such person shall pay, by way of penalty, a sum of one hundred rupees for every day during which the failure continues.] 3. Substituted vide THE FINANCE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubstituted vide THE FINANCE ACT, 2018 , before it was read as, one hundred rupees 9. Substituted vide THE FINANCE ACT, 2018 , before it was read as, five hundred rupees - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxmanagement - taxm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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