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Penalty for failure to furnish statement of financial transaction or reportable account

Budget - Dated:- 5-2-2018 - Section 271FA of the Act provides that if a person who is required to furnish the statement of financial transaction or reportable account under sub-section (1) of section 285BA, fails to furnish such statement within the .....

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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. In order to ensure compliance of the reporting obligations under section 285B .....

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