Penalty for furnishing inaccurate Statement of Financial Transaction or Reportable Account - Section 271FAA

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... the 1st day of April, 2015 As per Section 271FAA(1) If a person referred to in Section 285BA(1) , who is required to furnish a statement under that section, provides inaccurate information in the statement, and where- The inaccuracy is due to a failure to comply with the due diligence requirement prescribed under Section 285BA(7) or is deliberate on the part of that person or .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... financial institution) provides inaccurate information in the statement and the inaccuracy in such statement is due to false or inaccurate information furnished by the holder or holders of the relevant reportable account or accounts, the prescribed income-tax authority under section 285BA(!), shall direct that the reporting financial institution shall, in addition to the penalty u .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X