1If a person referred to in clause (k) of sub-section (1) of section 285BA, who is required to furnish a statement under that section, provides inaccurate information in the statement, and where-
(a) the inaccuracy is due to a failure to comply with the due diligence requirement prescribed under sub-section (7) of section 285BA or is deliberate on the part of that person; or
(b) the person knows of the inaccuracy at the time of furnishing the statement of financial transaction or reportable account, but does not inform the prescribed income-tax authority or such other authority or agency; or
(c) the person discovers the inaccuracy after the statement of financial transaction or reportable account is furnished and fails to inform and furnish correct information within the time specified under sub-section (6) of section 285BA,
then, the prescribed income-tax authority may direct that such person shall
pay, by way of penalty, a sum of fifty thousand rupees.
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1. Ins. by Act 25 of 2014, s. 71 (w.e.f. 1-4-2015).
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