1,2If a person who is required to furnish 3 a statement of financial transaction or reportable account under sub-section (1) of section 285BA, fails to furnish such 4 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 5 five hundred rupees for every day during which such failure continues:
Provided that where such person fails to furnish the 4 statement within the
period specified in the notice issued under sub-section (5) of section 285BA, he
shall pay, by way of penalty, a sum of 6 one thousand rupees 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 4
statement expires.
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1. Subs. by Act 17 of 2013, s. 58, for section 271FA (w.e.f. 1-4-2014).
2. Subs. by Act 25 of 2014, s. 70, for "annual information return" (w.e.f.
1-4-2015).
3. Subs. by s. 70, ibid., for "an annual information return" (w.e.f. 1-4-2015).
4. Subs. by s. 70, ibid., for "return" (w.e.f. 1-4-2015).
5. Subs. by Act 13 of 2018, s. 53, for "one hundred rupees" (w.e.f. 1-4-2018).
6. Subs. by s. 53, ibid., for "five hundred rupees" (w.e.f. 1-4-2018).
Section 271C Penalty for failure to deduct tax at source
Section 271CA Penalty for failure to collect tax at source
Section 271D Penalty for failure to comply with the provisions of section 269SS
Section 271DA Penalty for failure to comply with provisions of section 269ST
Section 271E Penalty for failure to comply with the provisions of section 269T
Section 271F Penalty for failure to furnish return of income
Section 271FA Penalty for failure to furnish statement of financial transaction or reportable income
Section 271FB Penalty for failure to furnish return of fringe benefits