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FB 2018 Proposal to increased penalty under section 271FA to ensure compliance.

FB 2018 Proposal to increased penalty under section 271FA to ensure compliance. - Budget - By: - CA DEV KUMAR KOTHARI - Dated:- 5-2-2018 - Relevant provisions Section 271FA - Penalty for failure to furnish statement of financial transactions or repor .....

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e to file statement has been issued. The object of proposed amendment is to ensure compliance of the reporting obligations From THE FINANCE BILL, 2018 51. Amendment of section 271FA. In section 271FA of the Income-tax Act,- (a) for the words one hund .....

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g to penalty for failure to furnish statement of financial transaction or reportable account. The said section provides that if a person who is required to furnish the statement of financial transaction or reportable account under sub-section (1) of .....

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e statement of financial transaction or reportable account within the period specified in the notice issued under sub-section (5) of section 285BA, he shall be liable to pay penalty of five hundred rupees for every day of default. It is proposed to a .....

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lanatory Memorandum Penalty for failure to furnish statement of financial transaction or reportable account Section 271FA of the Act provides that if a person who is required to furnish the statement of financial transaction or reportable account und .....

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